A number of different trends have emerged following the implementation of pension freedoms last month, highlighting how savers have been quick to try and access their savings under the new rules.

According to Fidelity Worldwide, the most dominant theme to have risen from ‘freedom day’ is a majority (three in five) of customers wanting to enter drawdown and take tax free cash. Of those wishing to drawdown, approximately half are taking their tax free cash and deferring income.

As a trend, this is closely followed by the regular occurrence of customers calling wanting advice on transferring their DB benefits. Fidelity said one in ten (7 per cent) of those calling are DB clients wanting advice on how they can benefit from the new flexibilities.

However, the requirement for advice is confusing and frustrating customers who just want to take their cash, reflecting a broader misunderstanding of the value of DB benefits, Fidelity said.

The new changes to the lifetime allowance have also had an impact on savers, triggering an increase in calls from savers wanting advice on the LTA and clarification surrounding the £1m reduction. Those who are already over the LTA limit have also been enquiring about their options.

Fidelity head of retirement Richard Parkin said after the first week of the new freedoms, call volumes stabilised at a “fairly high level”. “We have also seen a definite shift among our customers who want to focus more on exploring their options and getting the necessary information,” he added.

“While the freedoms have made pension saving in the UK more talked about, we are getting a significant amount of queries from people who purely want to transfer into our SIPP as they cannot access the flexibilities through their existing provider.

“Luckily these people are seeking a legitimate route to get their funds but some people in this situation may fall prey to fraudsters who seem to offer them a quick solution.”

Despite predictions that cashing out would be high among savers’ priorities, Fidelity said it has not yet been a big issue, with just 6 per cent wanting to cash out. Small pots make up about half of this statistic.

Furthermore, annuities have been labelled as “still on the agenda”, with just 3 per cent enquiring about cashing out their annuity while a further 3 per cent have been interested in purchasing one.

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