The normal £199 fee charged for a tailored online report by the LV= Retirement Wizard would be waived under the proposals.

The pensions provider has tabled the offer to the Treasury and FCA.

LV= has put forward an outline plan to the Government as part of the Financial Advice Market Review, although the details around who would be eligible are still under discussion.

The free online advice proposal is part of a package of proposed measures from LV=, as it warned of a “pensions mis-buying crisis within next five years” if the lack of affordable, accessible and regulated advice isn’t resolved.

Bosses have submitted their concerns as part of the Government financial advice review, which involves the FCA.

An estimated 480,000 people in the UK are entering retirement each year without getting financial advice according to new research from LV=.

Richard Rowney, managing director of Life and Pensions at LV=, said: “We’re on the cusp of a retirement mis-buying crisis. Too few people get the right advice they need. Many won’t shop around resulting in ill-informed investment decisions and buying products that may not be appropriate to their circumstances.

“We need a system where consumers can be assured their lifetime savings are safe and they can get affordable, accessible, regulated advice. It’s up to government, regulators and the industry to make that happen.”

His firm found that 78% of over 55s were not planning to seek professional retirement advice and said that with the average pension pot standing at £50,000, the total value of finances potentially at risk could run into billions of pounds.

LV=’s research also found that prospective retirees were just as likely to consult family or friends (21%) than they were to seek professional counsel from a qualified and regulated financial adviser (22%).

Typically someone who takes financial advice and shops around for an annuity receives a 23% increase in income, studies have indicated, suggesting the vast majority of people have been missing out on a substantial boost to their retirement finances.

LV=’s State of Retirement Report 2015 revealed that less than a quarter (23%) of over 50s claim to have a good understanding of the pension reforms which came into effect in April, with 1 in 10 completely unaware the changes had taken place.