A record £2.75billion of that was in the three months from July to September 2019 alone – the highest amount in a three-month period since freedoms allowing over-55s to take money out of their pension pots were introduced in 2015. There is currently over £6trillion in private pension savings in the UK so it might be a little too early to start worrying about money leaving the system.

The freedoms are good news for pension savers, putting them in control of hard-earned cash by allowing flexible access to pots from the age of 55.

But with this freedom come complicated rules and greater responsibility – because all of the risks sit on the savers’ shoulders.

A key concern is that just one in three people seek professional advice when accessing savings.

Deciding when and what to do with pension pots is one of the biggest financial decisions most of us will ever make, affecting the rest of our lives.

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Making the right decision is vital – it could be the difference between a comfortable retirement or a life of worry and compromises.

Steve Cameron, pensions director at financial services firm Aegon, said: “The pension freedoms have changed the retirement landscape for many individuals enabling a more flexible transition into retirement.

“However, this freedom comes with great responsibility. It is crucial people understand the risks associated with drawing down retirement savings, which need to last a lifetime.”

If you are tempted to dip into your nest egg you need to be aware of the pitfalls and risks, so you don’t end up running out of cash, gifting the tax man more than you need to or being duped by crooks into handing over your lifetime savings.

Today, the Daily Express brings readers The Essential Guide to Pensions - looking at the maze of options, explaining all the changes, helping readers to work out how to maximise chances of securing retirement, and pointing towards expert advice.