Just under 200,000 people accessed their pensions using Freedom and Choice in the third quarter of the year, HM Revenue and Customs figures have revealed.
Research commissioned by Just has found that 75% of people believe financial guidance or advice should be compulsory when deciding how to use pension benefits.
Withdrawals have hit £10bn barrier
Flexible payments from pension rose to £5.7bn in 2016 as people increasingly sought to take advantage of the freedoms, according to HM Revenue and Customs' (HMRC) figures.
'Annuity comparator' tool to be established