Most pension savers who will have access to new retirement freedoms starting next week support the changes but fear there could be drawbacks, research has found.

Some 63% of pension savers aged between 55 and 70 said the reforms - which start on Monday and will enable people to take their pension how they wish rather than being required to buy an annuity when they retire - are a good idea but there may be some downsides, the National Association of Pension Funds (NAPF) said.

Nearly one in five (19%) believe the reforms are a great idea and cannot see any drawbacks and 3% believe they are a very bad idea with no positives.

Asked about the biggest issues for savers, 63% feared people could run out of money before they die, 47% worried people could be mis-sold unsuitable retirement products, and 36% were concerned that savers could lose money through scams.

One in 10 thought people could have too much choice and this could delay them making a decision over what to do with their cash.

Asked what they were most likely to do with their pots when the freedoms come into force, nearly half (49%) were unsure, n early a fifth (18%) said they would leave it all invested and draw a regular income, 5% will buy an annuity, 4% will take it all as cash and 24% of people will use a combination of options.

Three-quarters (77%) had heard of Pension Wise, the service which will offer free and impartial guidance.

But nearly a quarter (23%) of savers had not heard of Pension Wise. Of those who had, more than half (55%) were not sure of the services it offers.

Just over half (51%) of pension savers said they were very or quite likely to use Pension Wise, and 35% were not very likely or not likely at all.

The research was carried out in March among 850 private pension savers aged between 55 and 70 who are eligible for the freedoms starting on April 6.

Joanne Segars, chief executive of the NAPF, said: "It's great news that days away from their launch there's still a high degree of support for these reforms, but savers are also worried about some of the risks as most decisions now fall on their shoulders. It's clear there's much for the Government and industry to do to ensure these fears do not turn into reality."