Unadvised drawdown is the “key concern” for advisers four years into the pension freedoms, an Openwork survey finds.

The network commissioned research agency Pollright to do a nationwide study of how advisers view the market.

The increasing use of drawdown is seen as a major issue alongside access to advice and low levels of consumer understanding.

The study finds 68 per cent of advisers say retirement savers who enter drawdown without advice is their key concern since pension freedoms started in 2015.

Over half (51 per cent) say access to advice needs to improve so reforms continue to work for savers while 56 per cent worry about low levels of consumer understanding.

Advisers were also asked to rate the biggest threat to consumer confidence in pension freedoms.

Consumers running out of money was identified as the biggest worry by 22 per cent.

This was closely followed by 18 per cent of advisers who warn about further government changes to pension rules.

All these findings come from 115 financial advisers surveyed by research agency Pollright during March 2020.

Openwork wealth and platform director Mike Morrow says: “Pension freedoms have been a success based on the numbers of people wanting to access their money and the demand to take cash out of pensions.

“But four years down the line there are continuing worries about how well it is working in practice for retirement savers and advice is the missing link for making it a complete success.

“Retirement savers need help in making sure they receive the best value from their pension funds and increasing access to advice is vital to help maintain confidence in the system. The government could also play its part by resisting the temptation to tinker with pensions regulation.”