Just one in ten people exploring retirement options has considered turning to Pension wise, according to research from the National Association of Pension Funds (NAPF).
The findings, revealed at the NAPF Conference 2015, come from research carried out by the organisation into how people were responding to the retirement flexibilities introduced in April.
The research found a higher proportion of people who had actually accessed their pots - one in five - had used the service.
But NAPF director of external affairs Graeme Vidler (pictured) said the industry had to do more to promote Pension wise to make sure retirees were making well-informed decisions.
He said quantitative research, focussing on 24 people who had accessed some or all of their pot found that not one had used Pension wise.
"The problem is not one of quality of service, because late on in the process we started nudging people towards Pension wise, and when they went and investigated, they liked what the saw," he said.
"The problem is one of awareness and knowing the service is there and can be used. We really need to crack through because at the moment there's a service out there that is not being used by people who in most cases could do with some expert guidance and support."
Participants in the quantitative research were most likely to use informal sources of support such as the media, and family and friends.
Vidler said: "Just about everybody we spoke to is doing their own research and combining material from the media for general awareness, discussions with friends for high level ideas about what other people are doing, then working with their family to go through the details of how it applies to them."
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