Defined Benefit  

Changes in DB communication needed to curb scams

But Murray said the legislation could have the adverse effect for advised clients whose "transfers will be slowed down or potentially even blocked".

If trustees had a better relationship with professional advisers they may not need to raise concerns on as many transfers, he said.

Alistair Cunningham, financial planning director at Wingate Financial Planning, agreed with Murray that communication had to be better, saying confusing statements were hampering members' understanding.

Cunningham said: "The most common mistake people make in reading deferred DB statements is looking at their pension at date of leaving and conflating that with the pension they’ll actually receive.

"We, as advisers, know that the years of indexation are very valuable and can increase a pension at date of leaving many times over."

Almost half (48 per cent) of DB members told the PPF they had never met with a financial adviser to discuss retirement savings, while just 40 per cent had discussed their pension pots and savings as a whole with a professional.

Protheroe said: “Getting retirement ready is essential, and the earlier you do this in your working career, the better. This is why we want people to make 2022 the year they engage with their pensions, regardless of age."

benjamin.mercer@ft.com, additional reporting by amy.austin@ft.com