The number of pension withdrawals continued to soar in the third quarter of 2018 leading to suggestions that some pensions savers are treating their pensions like bank accounts, tapping them for cash when they need it.

Royal London director of policy Steve Webb has called for an end to what he called the “absurd” way pension withdrawals are taxed.

The government will review proposals to make guidance for people at retirement mandatory, a move suggested by the Work and Pensions Select Committee recently.