New research has found that 1 in 5 pension savers (20%) over 50 have changed their retirement plans because of the Pension Freedoms as the retirement planning sector sees a major change in direction.

Many industry pensions experts have given a cautious welcome to the FCA Retirement Outcomes Review but some have voiced concerns about aspects of the proposed changes, especially how investment pathways will work.

Stock market volatility and economic uncertainty have led to a sharp spike in over-50s being risk-averse with their pension savings, new research indicated.

Experts have reacted to concerns in an FCA report, which warned those who choose to take pensions drawdown without advice risk financial “harm”.