Matthew Brown, private client partner, said: “We are increasingly finding that forward thinking employers are looking to engage directly with firms of professional Financial Planners. Being an employer sponsored arrangement, they are able to negotiate group discounts on the advice fees which can make a substantial difference to the costs.

“By offering subsidised access to a vetted professional firm, they can ensure their employees are fully informed before accessing their pensions without the employee being put off by a large fee before they have experienced the benefit of the advice.

“Employers are also looking to provide financial planning advice to employees earlier on in their careers. Whilst at-retirement advice is invaluable, we are finessing the finished result; advice 10-15 years before retirement will normally have far greater impact.”

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He cited recent research from money.co.uk which showed thirty eight per cent of respondents did not feel they understood the complex tax rules and options at retirement.

He said: “The research from money.co.uk highlights a very important issue, especially for employers who are funding workplace pensions at vast expense.

“Not only will an incorrect decision at retirement be very costly for the individual but their employer may well end up effectively wasting thousands of pounds of contributions.

“The survey also revealed the low level of fees that respondents were willing to pay; an average of £253. The simple truth is that highly personalised professional advice cannot be provided at this level.”