The number of DC pensions accessed for the first time in 2019/20 rose 3% year on year from the previous year, according to figures from the Financial Conduct Authority.

The number of people accessing guidance appointments offered by Pension Wise rose 23% in 2019/20.

The government-backed pension advisory Pension Wise says its users are more likely to use a financial adviser after taking guidance from the service.

The Single Financial Guidance Body (SFGB) began its work this week as it starts to take over from previous bodies.