In total £535m has now been repaid to investors who were overtaxed on pension freedoms withdrawals since April 2015.

New figures published today by HMRC show that a total of £30bn has been withdrawn ‘flexibly’ from pensions, taking advantage of the new ‘pension freedoms’ introduced in 2015.  

Since the introduction of pension freedoms in 2014 the FTSE 350 buyout deficit - the amount required to transfer the pension liability to an insurer - fell by around £2.5bn.

Nearly 50% of pension savers accessed their pension pots in the past 12 months without taking any regulated advice or guidance, The FCA’s Retirement Income Data reveals today.