Just 17% of pension ‘dippers’ - savers who 'dipped' into their Defined Contribution (DC) scheme to release cash - used the government’s Pension Wise personal finance guidance service.

Wealth manager and platform Quilter says the ‘stronger nudge’ towards pensions guidance, introduced a year ago, has so far produced “lacklustre” results and needs to be beefed up.

Proposed automatic appointments with Pension Wise at the age of 50 could boost demand for independent financial advice, according to Quilter.

A lack of advice for pension savers risks destroying the flexibilities offered by the Pension Freedoms, according to a new report from MPs on the Work and Pensions Select Committee.