Retirees who snub annuities will have to make their pension pot last their full retirement

They will pay a high price for getting it wrong, as those who deplete their pension pots too quickly will have no money left in their later years, aside from the little provided by the state.

Yet many have absolutely no idea how much they can safely withdraw each year without running their savings down. 

New research suggests that someone who withdrew £6,000 a year from a £100,000 pension pot would use it all up within just 20 years. 

As life expectancy rises, this may not be enough to see them through retirement.