More than half (51%) the Financial Planners questioned for the survey from Financial Planning and investment network Openwork said access to advice needs to improve to ensure the reforms work well for savers.

Of those surveyed 56% said they worry about low levels of consumer understanding.

Increasing use of drawdown was also regarded as a major issue. More than two thirds (68%) of Financial Planners said that retirement savers going into drawdown without advice was their main concern.

However, the study also found that retirement income advice was increasing. Around 68% of Financial Planners surveyed said they have seen an increase in demand for support in the past year.

Financial Planners were asked to rate the biggest threat to consumer confidence in the Pension Freedoms. Customers running out of money was identified as the biggest worry (22%), closely followed by worries about further government changes to pension rules (18%).

Mike Morrow, wealth & platform director at Openwork, said: “Pension Freedoms have been a success based on the numbers of people wanting to access their money and the demand to take cash out of pensions.

“But four years down the line there are continuing worries about how well it is working in practice for retirement savers and advice is the missing link for making it a complete success.

“Retirement savers need help in making sure they receive the best value from their pension funds and increasing access to advice is vital to help maintain confidence in the system. The Government could also play its part by resisting the temptation to tinker with pensions regulation.”