Pension provider Phoenix has confirmed that it is planning to launch a retirement advice service through its Standard Life brand although it has yet to reveal when.

A spokesperson for Standard Life told Financial Planning Today that the new service, “is in a development and build phase.”

News of the new advice service was revealed in Phoenix’s annual results published last week. It revealed: “We’re progressing the development of our in-house advice capabilities to support customers with their key financial decisions, with a focus on the transitioning to and in-retirement life stage.”

The spokesperson said the move was a reaction to reported low levels of retirement saving and low levels of people using financial advisers.

The spokesperson said: “Research consistently shows that only one in seven UK adults are saving enough for retirement, and only 10% receiving financial advice.

"This means the vast majority are unfortunately left to make complex decisions about their pensions and retirement planning alone. We believe that it’s important that as part of one of the largest long-term savings and retirement businesses in the UK that we take positive steps to help address this issue.”

The company said it was encouraging that the FCA is looking at ways to bridge the advice gap through its advice/guidance boundary review. Standard Life said it has been working closely with the regulator and is supportive of its initiatives to close the advice gap.

It said it sees targeted support as a, “significant development” in being able to help customers.

The spokesperson said: “For those who want a personal recommendation, we are exploring how we are able support existing customers who are likely to be ineligible for traditional financial advice due to their level of wealth, with a straightforward advice offer that will be focused on retirement income decisions initially.

“Currently the advice service is in a development and build phase, and we’ll be able to confirm more detail at the point of launch.”