Record numbers of pensioners are reaching the age of 55 and becoming eligible to take their pensions but too many will be left to make complex and far-reaching decisions on their own and will be vulnerable to scams, according Just Group.

Over half (51%) of Britons say they have little or no understanding of the Pension Freedom rules introduced in 2015, according to new research.

A record 1m more people will reach the Pension Freedom age of 55 his year and this ‘peak’ will last for several years, according to new analysis.

The case for reform of the Pension Freedoms is growing with news this week that hundreds of thousands of consumers are taking money out of pensions and most likely shovelling it into low interest bank accounts.