Canada Life says it has seen customer enquiries triple in the wake of pension freedom changes.
Almost 75% of calls about retirement have been from individuals who want to cash in their pension pots with the rest considering the new flexi-access drawdown or an annuity in equal measure, the company revealed.
In a statement released this morning, the firm said: "Of the calls received to date an alarmingly low 8% had sought guidance from Pension Wise before contacting Canada Life.
"This is worrying considering the implications for total withdrawal, including increased tax liabilities and the danger of running out of sufficient funding for a long retirement."
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Richard Priestley, executive director individual onshore, Canada Life: "The initial calls we have received indicate that there is a large appetite among our existing customers to take advantage of the new freedoms and manage their pension savings to best suit their individual needs but one thing remains the same – that retirement income decisions are best made with financial advice.
"We believe the new flexibilities mean that financial advice is more important than ever before.
"The challenge for advisers fielding queries from clients about their new options, is to help clients navigate this complex new landscape, by clarifying what the new changes will allow whilst ensuring that individual needs are still met."
The firm has launched a new product range today. The Pension Investment Plan, Flexible Drawdown Plan and the Fixed Term Income Plan have been aimed at allowing individuals to take advantage of the new pension freedoms. This includes the ability to draw funds directly from pension savings without moving into a drawdown contract or an annuity.
Mr Priestley said: "At Canada Life, we are committed to working with advisers to provide the best option for their clients' needs at a competitive price. To that end, we have worked closely with advisers to develop this suite of products that can help their clients meet their retirement income needs, now and in the future."