Drawdown clients unaware of money purchase limits

She added: "I also don’t buy the reasoning that the MPAA is intended to prevent recycling of pension monies.

"I can understand the concern that tax-free amounts could be used in this way, and there are other rules to prevent this, but pension income is subject to income tax when it is withdrawn and there is no reason, other than managing the Treasury’s tax bill, to withhold tax relief on contributions made from this income. 

"The whole issue illustrates just how important financial advice is at this crucial point of the retirement journey."