New analysis of 17,000 drawdown customers by a provider has revealed wide variations in the amount taken from pension pots but few signs of pensioners taking out all their cash in one go to buy a Lamborghini.

Nearly one in three pension savers using drawdown to fund their retirement have no investment experience and two in five (41%) of these drawdown beginners have received no financial advice or guidance, according to new research.

Scottish Widows has launched Drip-feed Drawdown, a phased retirement income system to make retirement savings ‘last longer.’

Independent financial information firm Defaqto has launched a new guide to drawdown, with Prudential.