Pension withdrawals slump as retired savers try to shore up funds in troubled markets

Retired savers have slashed pension withdrawals over the past year to conserve funds during a time of intense market volatility, new research suggests.

They are taking an annual income of 4.7 per cent of their pension investments, almost a third lower than 6.4 per cent a year ago, amid unstable stock markets and Brexit uncertainty.

The dramatic slowdown in withdrawals has coincided with a slump in investment confidence, according to a report by financial services firm AJ Bell.

The table does not add up to 100% because some respondents did not enter a value for all the options, says AJ Bell