Pension transfers hit a record of £10.6bn in the first quarter of this year, according to Office for National Statistics data.
The figures show the value of pension transfers in 2017 was revised up £2.5bn to £36.8bn.
AJ Bell senior analyst Tom Selby says: “The Q1 2018 figure also likely includes a large number of transfers away from the British Steel Pension Scheme.”
Selby says: “Over time pensions transfer volumes should edge downwards as the number of people with significant funds eligible for a transfer diminishes, but as things stand we remain in the eye of the storm.”
In April, HM Revenue & Customs data showed savers withdrew £1.7bn using the pension freedoms in the first quarter of this year.
According to HMRC, there were 500,000 payments made to 222,000 people over the period which took the total amount of money withdrawn since the pension freedoms started in April 2015 to £17.5bn.