New guides explaining the sweeping reforms to pensions in "plain English" have been created for advisers and retirees.

Defaqto has today launched the document called Looking forward to retirement – which is sponsored by Partnership.

Richard Hulbert, insight analyst for wealth at Defaqto, said: "As we all know, the retirement income landscape has seen a number of significant changes – they offer a challenge but also opportunities for advisers.

"To support advisers in this area, we have created a unique, independent and impartial guide to the new retirement options.

"The guide outlines what these changes mean for retirement income and, critically, for advisers when supporting their clients' decision-making processes. The guide also contains stylised profiles of individuals going through common retirement experiences that most retirees will be able to relate to their own circumstances."

A consumer version of the document - Looking forward to retirement: Guide for retirees - has been produced alongside it. Defaqto said this explains "in plain English" what the options are and why they should be considered.

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The guide includes a number of model consumer profiles, illustrating how a person in certain circumstances and with specific needs could achieve their retirement aims.

Mr Hulbert said: "Retirees now have access to a completely impartial guidance source that they can digest in their own time to gain a good understanding of their options and many of the important facts they should at least be considering."

Andrew Megson, managing director of retirement at Partnership, said the guide "provides insight into possible client solutions as well as useful model consumer profiles to share with clients".

He said: "Helping clients to make smart choices at retirement has always been the core part of an adviser's offering – and it is arguably even more important and challenging under the new pensions regime.

"Indeed, intermediaries are now faced with two parallel challenges: the need to compliantly serve more clients on a wider range of options and keep up with the gradual changes in legislation, regulation and product offerings."

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