New research has revealed that nearly 3 in 10 people who have taken money out of pensions since the freedoms have stashed the money in a savings account.

The latest data from the HMRC reveals that pension withdrawals are steadying following the introduction of the Pension Freedoms, according to pensions provider Royal London.

Nearly half (47%) of retirees are unaware of the pension freedoms or the options available to them to access their pensions, according to research by Old Mutual Wealth and YouGov.

Consumer research by a financial provider has found that eight out of ten over-50s (78%) “significantly underestimate” how long they are likely to live - a gap that means many could run out of pension cash.