Philip Brown, Head of Policy at LV=, said: “In April 2015, the pension reforms revolutionised the pensions market by giving consumers flexibility over their retirement options. However these reforms also created greater complexity and even two years on it is apparent consumers still don’t have the necessary support to make the right decisions at retirement with the latest Financial Conduct Authority data and our research showing worryingly low numbers taking advice.
“In order for the new pensions market to work for consumers, they must be engaged and helped to make an informed decision when choosing what to do with their savings. The new single financial guidance body is a golden opportunity to tackle the issue of people retiring without support. We believe the body should be required to focus on achieving quality outcomes from guidance, and report on the number of referrals to regulated advice, which will help ensure consumers have the help they need to make important financial decisions.”