18% of people are encashing their pension fund in full

Around 18% of those who have cashed in some or all of their pension under the pension freedoms have 'spent it all', according to the Pension and Lifetime Savings Association (PLSA).

According to research by the PLSA, that looked at the habits savers over the first six months of the pension freedoms, 51% of an estimated 400,000 defined contribution (DC) pension savers had taken cash lump sums of some form, taking either some or all of their pot out.

It said while 51% chose to save or invest the cash elsewhere, 18% said they had 'spent it all'.

So is a swathe of Great Britain going to run out of money?  What do you think?