Peter Jackson, chief data officer at Outra, warned about the pension implications of a return to work, particularly the “little-known” rule which could catch people out.

He said: “The Government plans on getting back older, more experienced people back to work.

“An effective nudge here is the promise of being able to top up their pension pots.

“But even though the MPAA allowance is rising from £4,000 to £10,000 if a pension has been withdrawn from, the fact is that the cost of living crisis means over 180,000 households aged between 55 to 64 are likely to be under enough financial pressure to either have been or will be considering to start withdrawing from their pension pots to make ends meet.