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The call follows publication of Business Illustrations by Fidelity FundsNetwork offering help to intermediaries in explaining the process to customers.

James Jones Tinsley, specialist pensions adviser for Leeds-based Pearson Jones, said the move was “welcome” but add-

ed the transfers were “not for everyone”.

He said: “I think with the amount of exposure this is getting, it will fall upon advisers not to open the floodgates and temper unnecessary demand.

“While they will be very worthwhile and wholly appropriate for some clients, for a great majority, I think, where their protected rights are held already will be better for their needs.

“So I think it is helpful from Fidelity but it is not for everyone and we have to be careful.”

David Dalton-Brown, head of Fidelity FundsNetwork, said: “The new regulation could not have come into force soon enough.

“Investors will no longer have to suffer the frustration of having to split out non-protected rights funds or avoid transfers with any elements of protected rights.

“For advisers, there is the prospect of up to £100bn of pension money up for grabs, as many investors take the opportunity to review their old plans.

“This could lead to a significant flow of funds from older style plans into more modern vehicles such as Sipps.”