The pension freedoms, now one year old, have made a third of those retiring this year feel more positive about their retirement, though half are concerned that the rules may be changed again.

The research from Prudential came after government figures showed a big drop in the number of people using the freedoms to cash in all or part of their personal pension pots. After a rush of 220,000 people in the first three months after access was allowed a year ago, that fell to 127,000 in the final quarter of 2015 of which only 66,000 were full cash withdrawals.

Standard Life has said only four per cent of its customers are cashing in their pensions in full, while Edinburgh-based Aegon has said its figure is five per cent. As the average pension cashed in is worth under £15,000, much of the interest is from people with the smallest pots.

The Prudential found 44per cent of new retirees are positive about having more flexibility for their income, and 37per cent of those with no final salary pension have changed their financial plans. In total, over a third of those with pensions planning to retire in 2016 will exploit the new freedoms and take some or all of their pension savings as a cash lump sum.

However almost half said the pension freedoms have had no impact on their attitude to retirement, as they are “not sure the rule changes will last”.

Last week the pensions minister Baroness Ros Altmann said the current radical overhaul of both state and personal pensions followed “years of tinkering and piecemeal changes that have left people baffled and bewildered about their future finances”.

She said it was important that private pension saving did not become too confusing for people to engage with and that “constantly changing the rules and goalposts is not helpful”.

The survey found almost one third of people said they were now more likely to take financial advice.

But already the regulator is concerned about the dangers of not taking advice.

The Financial Conduct Authority has opened a review into pension freedom reforms amid concerns that retiring savers are vulnerable to mis-selling. It said last week there were “several risks we need to consider, for example, the risks of mis-selling and poor value for money for consumers, particularly those with small pension pots”.

Aegon says nearly a fifth of its customers had taken advantage of the new rules, but that left 82 per cent of those aged 55 to 65 with no plans to take any of their pension savings yet.

The most common reason for over 55s to withdraw a lump sum from their pots is to settle debts, with 30 per cent citing this need.

A further 22per cent are taking out cash to put into a cash Isa and the same proportion are putting the money into their existing bank accounts. Just over a sixth have invested the money into a stocks and shares Isa and a further 13per cent have spent the money on home improvements. Less than one per cent are using their pension savings to invest in buy-to-let property, contrary to some reports, but unsurprising given that the average sum withdrawn at Aegon was under £14,000 and against a background of unfavourable tax changes.

The research also suggests that 15per cent more workers, or 6.2million people, are saving into a pension at work, as a direct result of encouragement from the new flexibility at 55.

Kate Smith, head of pensions at Aegon UK, said this was very encouraging. “Although the initial focus of the freedoms was to create individual’s choice and control for those at retirement, these are positive signs that the latest pension reform has had a broader impact in encouraging better savings behaviour amongst younger and older generations alike.

She added: “Despite the initial scaremongering, the majority of people aren’t withdrawing vast sums of money to embark on a huge spending spree. But

Over-55s must continue to be smart with their money - cash Isas and bank accounts are unlikely to provide the best returns in the current climate.”

However the Association of British Insurers has warned that the data on pension withdrawals “looks at pots rather than people so we don’t know what else those people withdrawing are relying on – whether they’ve got defined benefit schemes, if they are homeowners, in debt or accessing means-tested benefits, for example”.

The ABI says it will “probably take years to work through the full implications of the policy”.

Vince Smith-Hughes, retirement income expert at Prudential, said: “We are in the midst of some of the biggest changes to pensions in a generation, so it is pleasing to see that people broadly welcome the new rules. It is also understandable that, in the face of such change, this year’s retirees who have done most of their retirement planning under the old set of rules are cautious about making big changes to their plans.

“The results do however show that a large proportion of retirees have used the pension freedoms to access some or all of their pension savings. Doing so carries a real risk of being hit with an unwelcome tax bill or running out of money in retirement, and I would urge anyone considering taking a lump sum from their retirement pot to first seek professional financial advice or at least make use of the Government’s Pension Wise guidance service.”