Confusion over pension freedoms rules has landed savers with a higher than expected tax bill, according to Prudential.
The life company's survey of 867 over-55s - conducted by Consumer Intelligence in February - found two-thirds admitted they were confused by the new rules, which were revealed last month to have raised £1.7bn more than expected for the Treasury since 2015.
Freedom and Choice has also led to 9% making changes to their retirement plans, with a further 9% having taken or planning to take independent financial advice for the first time.
Prudential retirement income expert Vince Smith-Hughes said the research revealed the increasing need for savers to get advice and guidance.
"Two years on from the introduction of the new rules there is widespread confusion with two out of three over-55s admitting they don't fully understand the reforms," he said. "This lack of understanding may be a contributing factor in pension-related tax paid to the Treasury being higher than originally expected.
"That underlines the importance of advice and guidance in ensuring that the pension freedoms are a long-term success and it is encouraging that many savers recognise how advice can help them to make the most of their retirement pot."
More than three-quarters (77%) also said the government should now refrain from making any further changes to pensions policy, and 42% said persistent changes have caused them to switch off from the topic.
Nearly two-thirds (63%) of over-55s believe the government will tinker with and reduce pensions tax relief in the future, while 81% believe the state pension will be reduced.
More than £9.2bn has now been withdrawn by savers taking advantage of Freedom and Choice, according to HM Revenue and Customs data released in January.
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