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 Canada Life Group has completed its acquisition of rival provider Retirement Advantage.

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.

Research has shown that 5 million over-50s plan to continue working in retirement and 300,000 of these plan never to stop.