Saga, the provider of services to older people, has warned that £3.2bn may have been cashed out of pension pots without any financial advice following the Pension Freedoms.

Polling by IFA firm Chase de Vere in conjunction with Lightbulb, an independent research company, showed that employers were not willing to spend money to provide financial advice for their employees despite understanding the benefits of doing so.

New research from a financial provider has found that more consumers are seeking financial advice but the numbers overall remain low with nine out of 10 consumers shunning advice.

Nearly one in three pension savers using drawdown to fund their retirement have no investment experience and two in five (41%) of these drawdown beginners have received no financial advice or guidance, according to new research.