Warning sounded as 42% of pensions raided at 'unsustainable' levels

This compared with 27 per cent of plans entering drawdown with no advice or guidance.

Meanwhile, the number of pots that were fully withdrawn at first time of access in 2019/20 had increased by 5 per cent to 375,500. 

According to the regulator nine out of 10 of these pots were worth less than £30,000.

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