The Government's overhaul of annuities and pensions will lead to more professional financial advice being sought, a key group of MPs say.
The Treasury Committee has compiled a report on the Budget pension reforms following evidence from leading figures in the industry.
It also stressed the importance of the guidance for retirees pledged by the Chancellor being free.
The report stated: "An increased demand for products, in what will be a more complex market, is likely to also increase demand for professional financial advice."
It also noted concerns from witnesses that addressed the committee that there were already problems with the affordability of advice.
The report said: "Consumers will need considerable support in navigating a market which is undergoing major change and in which consumers are likely to be offered an array of new products."
{desktop}{/desktop}{mobile}{/mobile}

The committee recommended the proposed guidance under the guarantee should:

• Be demonstrably impartial as to providers and type of product;
• Include at least an initial opportunity for face-to-face guidance;
• Be free at the point of use, with the costs of such provision made transparent;
• Make clear to every consumer exactly what is being offered, the limitations of the guidance, and what protection it gives consumers in the event of detriment;
• Be offered from at least 12 months in advance of the consumer's stated retirement date; and
• Be co-ordinated with Government-sponsored guidance relating to long-term care.

Chairman of the Treasury Committee, Andrew Tyrie MP, said: "Everyone we spoke to welcomed the pensions and savings reforms announced in the Budget, in particular the greater flexibility and choice that they offer to consumers.
"The 'guidance guarantee', announced at the Budget, is an important part of making sure that consumers benefit from increased choice.
"We will measure the Government's proposals for the guidance guarantee against a set of principles to ensure their effectiveness."