“One side effect of greater guidance take-up we hope to see is a subsequent increase in those taking regulated advice.”

Along with increased guidance for consumers looking to draw their pension, there’s expected to be a shift towards giving savers more information about the sustainability of different investment options.

Mr Greer explained: “Spurred on by the UN Climate Change Conference (COP26), sustainability continues to be a key focus across the Government and industry.

“The Financial Conduct Authority’s (FCA) proposed sustainable investment labelling regime will likely see further progress this year, and it could have a positive impact on the ways in which people choose to invest their pensions.”

The goal of sustainable investment labelling is to provide more transparency for savers about where their money is being invested.

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