Almost one in five (16%) Britons accessed pension savings without understanding the rules before doing so, according to a new report.

Almost a fifth of retirees have been forced to return to work or to consider doing so because of income challenges, research from Standard Life has revealed.

Standard Life - part of Phoenix Group - has linked with fund giant Fidelity to launch a new Smoothed Return Pension Fund which is designed to grow investments while offering some protection against the daily turmoil of investing.

More than three-quarters (77%) of adults do not feel confident about how to access their pensions, according to research.