A former NHS finance boss who used to oversee budgets of over £400 million has been hired to help develop a new pensions website which has been likened to Compare the Market.

A Compare the Market style web-based service called Pension Monster, aimed at younger investors, will launch this year.

Robo-advice is far from a ‘silver bullet’ and risks leading to poor choices being made by consumers reaching retirement, the managing director of a pension firm says.