New research by TD Direct Investing found that while sentiment towards the new rules is largely positive – 70 per cent welcomed the greater flexibility introduced by Osborne in his 2014 Budget – over half of UK adults found the changes confusing.

There is also widespread lack of clarity around what information and advice is available. Less than a third of Brits were aware that free advice is available for pensioners through the Money Advice Service and the Pensions Advisery Service, while almost 70 per cent thought that they would need more professional help to decide how to make the most of their pension pot.

While 64 per cent of people thought they could make their savings go further by reinvesting wisely, just 34 per cent were confident enough in their own ability to do so.

John Tracy, head of TD Direct Investing Europe, said: “While the new pension rules announced by the Chancellor are a great step towards empowering British people to make their own investment decisions, today’s results show that more needs to be done to educated consumers on how to get the best results from their savings.

“The marketplace can be complex and confusing, and the recent industry changes in the UK have created a need for a clearer, simpler investing environment.”