This report from the Association of British Insurers is reassuring, showing that the vast majority of people seem to be acting sensibly when accessing their pensions. What we can't know for sure of course from just 12 months of activity, is just how much is enough to take from a pension each year? What we do know though is that this will vary from person to person, dependant on their pensions, their needs and circumstances.

If we assume that on average people retiring at 65 will have say 30 years in retirement. Then if we consider a straight line expenditure and no escalation in the cost of living, then the annual withdrawal should be 3.3%. However, this is not the reality of a retirement or the cost of living.

The true skill is to be like Goldilocks and to ensure you take just the right amount out of your pension each year so enabling you to enjoy your retirement, but also not taking too much so there isn't enough money in later years when you need support with care or healthcare costs. 

This is not an easy choice and one that most people are unlikely to get perfectly right without professional and experienced advice.