The Department for Work and Pensions plans to require providers of workplace pensions to signpost guidance whenever savers look to access or transfer their pots.
The regulations will require trustees and managers of occupational schemes to present taking pension guidance as a “natural” part of the process when looking to access or transfer a pension.
At the point in which a saver indicates they would need to take guidance, providers will be expected to incorporate booking an appointment with Pension Wise into the process.
According to the DWP, these proposals follow successful trials which found people were more likely to get guidance when their provider explained the nature and purpose of Pension Wise and booked an appointment on their behalf.
Pensions minister Guy Opperman said: “I want taking guidance to become a natural part of the journey savers embark on when making decisions about their pension pots.”
As well as encouraging people to use Pension Wise, the DWP said these proposals will help protect savers from scams as they will be able to make more informed decisions.
Back in June, the House of Lords brought an amendment to the Pension Schemes Bill to make it mandatory for individuals to seek guidance from sources such as the Money and Pensions Service in certain circumstances, for example where advice is not compulsory.
But some in the industry have argued savers need to be made more aware of the difference between guidance and advice before taking either.
Research from Just earlier this month revealed confusion as to what constitutes advice means many pension savers think they have received regulated advice when in fact they have only received guidance.
The provider polled 1,000 people over the age of 55 in August and found of those who said they had received “advice” before accessing their pension, fewer than half (49 per cent) said they had seen a regulated financial adviser.
A third (34 per cent) said the advice had come from their own pension provider and one in five (18 per cent) said they were advised by Pension Wise.