Pensioners who are unable to get regulated financial advice are "at risk" when the Budget reforms take effect next year, a pensions firm boss has said.

Phil Loney, group chief executive of Royal London, also revealed today that his firm has been working with a specialist Government group on increasing the take up of the new retirement guidance service.
Royal London is involved with the Number 10 'nudge unit' – otherwise known as The Behavioural Insights Team.
It works to apply insights from academic research in behavioural economics and psychology to public policy and services and is part of the Cabinet Office.
Also working alongside the Pensions Advisory Service, they are testing "different approaches to increase customer take-up of the government's guidance guarantee".
Mr Loney has concerns for retirees facing the new pensions landscape in April.

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He said: "The guidance guarantee, although welcome, will not be enough to ensure that the public gets the best outcomes from the government's reforms.
"Customers who do not have access to a regulated financial advisor are particularly at risk.
"We are working on future ways to give our retiring non-advised customers access to independent and impartial advisory firms at low cost, and on product solutions, such as our open market annuity panel, which bring the best products in the market to our non-advised customers, rather than a "Royal London only" offering."
He added: "We see successful guidance as likely to increase the market for regulated impartial financial advice."
The company published its quarter 3 results today.
It reported that total continuing new life and pensions business (on a PVNBP basis) was up 39% at £3,588m (£2,581m in September 2013).

Summarising its main product line performance, it reported:

o Group Pensions £1,729m (+101%)
o Individual Pensions £946m (+22%)
o Drawdown £579m (+23%)
o Protection £244m (-29%)

In its report to the Stock Exchange, it stated: "The group has seen strong sales growth in all areas of Royal London's pension product range: it has more than doubled its new business in the group pensions market in the last year and in the drawdown space it accounts for over a quarter of the insured advised market.
"As a result the group is well-positioned for the next stages of auto enrolment and for the stronger drawdown market which will emerge when the pension freedoms become effective in April 2015."