“Pensions are designed to provide an income throughout retirement and reducing the amount of income withdrawn during a period of downturn could be important for the longevity of the pension pot."

Recently, the government have launched plans to boost usage of Pension Wise, an impartial guidance body, before actions are taken on pension withdrawals.

As Guy Opperman, the Minister for Pensions and Financial Inclusion, commented: “I want taking guidance to become a natural part of the journey savers embark on when making decisions about their pension pots.

“These measures will advance the Government’s goal of ensuring that people have the necessary support and information to make informed choices about their financial futures.”

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