The first wave of retirees to use the new pension freedoms to invest their retirement savings and live from the proceeds face losses of more than 10pc in just a year, experts have warned.

Research for Telegraph Money has shown that the market rout since the freedoms were launched will result in many having to reduce their pension income to make their savings last. Worst affected are those who entered “drawdown” – the technical name for taking an income from your pension without an annuity – without the help of an adviser to set safe withdrawal limits.

Those who used the freedoms when they were launched last April could hardly have walked into a tougher environment. After the reforms took effect on April 5 2015, the FTSE 100 went on to hit its record high of 7,104 on April 27, but has fallen steadily since

Read this article in full on the Telegraph website