The sooner the better

“Because of this, somebody can be losing a huge amount of benefits over the year. The pots that people have are not really big enough because we do not put enough money in our pensions.

“People are living longer and the number of people who are retiring is growing, so by 2020, it will represent a massive amount of the UK population.”

Mr Parkin said that the pending changes in the industry will have a ripple effect within the retirement sector.

Mr Parkin said: “With the retail distribution review coming into play, there will be a mass exodus, as around a third of advisers will want to retire rather than play to what the government wants to do.

“So for the advisers that are left, this could result in picking and choosing which clients to have and putting their costs up accordingly and pay more for advice whether they like it or not."

So while the government and regulator is still chopping and changing its policies to further confuse consumers, experts in the industry said that all is not at a loss when it comes to retirement planning.

The earlier the better, say some, while it is better late than never, say others. It is really dependent on circumstances and lifestyle though say all.

But what has been noted, is that the role of the government and regulator needs more than just a token gesture of help. Providers, advisers and consumers are still confused, which could lead to inconsistent knowledge, lack of advice and pulling back on planning for the future.

Now is really the time to blow away that retirement pipe smokescreen and take action.

Girlie Garduce is a former senior features writer of Financial Adviser