Meanwhile, a report from the ABI last week called on the government to review advice rules after it found safeguards were needed to ensure the pension freedoms remained sustainable.
It warned withdrawal rates had reached an annual rate of 8 per cent in 40 per cent of cases when safe levels would be closer to 3.5 per cent.
To avoid this it said the industry should “tackle advice and guidance black holes” so that both providers and advisers are able to offer more support to individuals.
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