The Actuarial Profession is advising pensioners to spend more of their savings in retirement.

Actuaries criticised the government, regulators and the savings industry for presenting the saving process as a duty, rather than a pleasure.

The profession suggested retirement should be portrayed as a time to relax and enjoy savings rather than continuing to put money aside for a rainy day.

Michael Pomery, president of the Institute of Actuaries, cited the rise in the amount of inheritance tax being paid as proof people are dying without being able to spend what they have worked so hard to achieve in their lifetime.

He said: "We want retired people to be able to take control of their finances. They need flexible retirement products with a "volume knob", so that they can adjust their income to meet their changing circumstances."

According to the Profession, providers need to offer products that will allow people to have a more flexible approach to using their savings in retirement.