People who have already entered retirement are less likely to seek advice than those aged under 65, despite decisions in later life being more difficult to navigate due to the pension freedoms, a report has warned.

A report from the Pensions Policy Institute (PPI) looking into the complexity of financial decisions older people may face in later life found that in the run-up to retirement (ages 55-64), 19.3 per cent had received advice, falling to 15.4 per cent after the age of 65.

The PPI warned at present the focus was on providing advice during the accumulation phase and at the point of transition into retirement, despite the introduction of pension freedoms in 2015 making the decisions throughout retirement a lot more complex.

It said people were likely to need much greater support in terms of ongoing guidance and advice in later life in order to be able to make appropriate decisions about how to access and utilise their retirement savings to meet their needs.

But Darren Cooke, chartered financial planner at Red Circle Financial Planning, did not fully agree with the PPI’s assessment.

Mr Cooke said: “I think the vast majority of advice firms have developed services for in-retirement clients to deal with their more complex needs and want to continue to provide a service to those clients.

“Guidance services provided by government agencies etc may not have kept pace with this change in the retirement choices to provide ongoing support, but that is not the fault of the regulated advice profession.”

The PPI said initiatives aimed at helping people better understand the value of advice could help to increase take-up levels later on in life.

Robo-advice could also play a role as it offers continuous access which is not constrained by distance or opening hours, as well as access to a larger amount of information, it said.

But the PPI said others may need more support from government to achieve a better retirement. This may include government setting default options for people who are unable or refuse to make an active choice in retirement or safety nets which are designed to help those in financial hardship to protect them from the worst outcomes.

If you are over 65 and/or retired and would like to speak with an adviser, the initial meeting is free, please contact us on 0191 384 1008 or by emailing cbreward@wealthofadvice.co.uk