The professionals, who took part in Equiniti’s Annual Retirement Survey 2015, highlighted a need for increased online guidance in light of the pension reforms.

Some 92% of the 50 surveyed believed free guidance for DC pensions needed to be supplemented.

Nearly two thirds (62%) agreed, and 24% strongly agreed that better online tools are also needed to guide members in regards to their benefits at retirement.

In particular, members with funds of less than £100,000 would find it hard to access the help they need, as IFAs were more interested in clients with larger assets post-RDR, according to over half (58%) of the respondents.

In addition, 58% also agreed, or strongly agreed, that the second line of defence will do little to ensure that individuals take the advice they need, and nearly a third (32%) were undecided about its effectiveness.

Some 56% said they believe that the cost of advice on transfers from DB pensions has increased owing to the need for inflated professional indemnity cover.

72% said they believe age 55 has become the trigger point for individuals to begin to plan for the format of their income in retirement. They said more people aged 55 and over have been engaging in this than previously.

Nigel Pearce, life and pensions director at Equiniti, said: “Ultimately, members will only come to understand the new flexibilities and how they are suited to their own personal circumstances if they receive more information as to how the system works both in a language that they can understand and a format that works for them.

“The responsibility for providing this additional guidance will inevitably fall on schemes and providers.”