A high proportion of people dipping into their pensions between the age of 55 and retirement from full time work so without seeking financial advice, according to a survey by Just Group.

In a survey of more than 1,000 retired over-55s, it was revealed that 28 per cent of participants withdrew pension cash between the age of 55 and the point at which they finished working full time, either as a lump sum or via income drawdown.

However, almost half (49 per cent) of those who withdrew money did not receive advice or guidance before making the decision.

A little over one in four (27 per cent) said they had spoken with a regulated financial adviser before opting to withdraw money from their pension, according to Just Group.

The survey also showed that only one in ten retired people who withdrew money between the age of 55 and retirement regretted the decision.

Just Group group communication director, Stephen Lowe, said: “It's alarming that a significant portion of retirees are diving into their pension before leaving full-time work without the benefit of any financial advice or guidance.

"The cost-of-living crisis, rising rent prices and hiked interest rates have all put a significant strain on household finances over the past few years, and for many, pension cash has been a valuable financial resource to fall back on, particularly for those who have faced health problems or redundancy prior to retiring.”

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