The latest data has provided more evidence that Pension Freedom users are putting their withdrawals into bank accounts, according to data provider Moneyfacts.

Bad financial decisions now will haunt pension savers for the rest of their lives, the ABI has warned consumers.

A new survey for online platform and SIPP provider AJ Bell on the 5th anniversary of the Pension Freedoms suggests withdrawals have been falling year on year.

Ministers should “not rush” to raise the age of pension access above its current level of 55, Steve Webb, former Pensions Minister and partner at pensions consultant LCP, has warned.