Authorities must act to improve advice gap, study warns

He said it is not an out-of-the-box solution, and the industry must recognise that there are more than 13mn people aged between 50 and 64 who are not getting any or enough help.

He highlighted the long-term implications of making decisions around pensions.

“If you are making a decision to buy an annuity or go into income drawdown, and you’re making that decision with little or no help or guidance, these are big decisions you’re making that may be irrevocable.”

“We should collectively try and work out how to resolve that issue.”