The retirement guidance was a key plank of the Coalition's pensions reforms announced in the Budget and cemented in the Queen's Speech this week.
Pension administrator Equiniti spoke to 40 key annuity providers and pensions' experts for its research which concluded a radical overhaul is needed in information given to retirees.
With specific reference to the Government's plans for the provision of face-to-face guidance, there was an overwhelming view, by 69% of experts, that there were not enough advisers capable of providing this advice accurately.
{desktop}{/desktop}{mobile}{/mobile}
Only 13% felt that there was sufficient resources available and 76% believed that telephone advice would be more appropriate for many people.
There were mixed views on how any face to face funding would be paid for, with 30% of respondents believing that providers or trustees will have to pay. Some 13% thought that the Government would need to contribute up to £50 per pensioner, 21% felt that it would need to be £50-150. Overwhelmingly, 37% of respondents thought that the Government would need to contribute over £150.
Researchers found 63% believed that pre-retirement information needed improving and should be an urgent priority for the next six months. A further 26% thought it needed to be bettered within the year.
In a significant change for many schemes, current practice providers believed that retirees needed to be given over six months' notice of retirement options, while 43% said that this was an urgent priority within the next six months and 36% believed it should be done within the year.
{desktop}{/desktop}{mobile}{/mobile}
Just 13% said no action was required.
Free access to retirement advice was also seen as a priority with 28% of respondents believing it should be implemented within the next six months, 23% within a year, 26% over a year and 23% saying free access to retirement advice does not need to be addressed.
Suzie Rudzitis, managing director of pension services division at Equiniti, said: "Equiniti provides both pensions administration and annuity administration services and hence is involved in the full lifecycle of retirement.
"The survey of experts reinforces that customer value starts a long time before an individual reaches their retirement age."