Pension providers must give pension savers a “stronger nudge” to get pension guidance when they decide to access their pension savings from June, the FCA confirmed today.

Only 14% of retirees over 55 took regulated advice and 4% took Pension Wise guidance before giving up work, according to a new report.

The Financial Conduct Authority’s (FCA) pension guidance consultation is too skewed to promotion Pension Wise and risks detracting from Financial Planners who may better serve customers, according to pension and investment providers.

Former Pensions Minister Baroness Altmann has backed the FCA's ‘stronger nudge’ plan for pensions savers to get Pension Wise guidance and has called for the guidance to be compulsory.