The retirement specialist company says that the revamped PensionWise service should also consider lower the earliest age for guidance from 50 to 40 to help reach this segment of the population struggling with pensions.

New research from Just Retirement suggests that those in, what the company calls, their ‘fearful forties’ may be experiencing a “midlife pensions crisis”.

When 1,200 over-40s were asked about their views on retirement, those in their early 40s were the most pessimistic in their retirement outlook. Only one in 10 felt that their retirement planning would mean they would be comfortable in retirement and just 13% of over-40s said they were looking forward to retirement.

Being prepared for retirement is a significant concern for 40 to 45 year olds, with 31% wishing they had started sorting out their retirement plans sooner, 18% saying that they find pension planning confusing and 10% dreading making irreversible choices around retirement.

Stephen Lowe, communications director at Just Retirement said: “When people reach their 40th birthday, the idea that they will eventually retire really hits home and the challenge of retirement planning means that they can suffer a ‘midlife pensions crisis’. This appears to be characterised by confusion, lack of confidence in their retirement provision and concerns about what might happen.

“However – as with the more traditional midlife crisis – as they age and start to take positive steps to meet these challenges, they start to worry less about their retirement until by their early sixties almost a third are looking forward to this new stage in life.

He said that taking proactive steps such as speaking to an independent financial adviser or enrolling into a workplace pension scheme were “vital.”

“There is currently a debate around when people should have access to the government’s guaranteed guidance service – Pension Wise. Fifty is an age that is being proposed but this research suggests that some people may value having access to this guidance at even earlier.”

Although, those in their early 40s appear to suffer a ‘Midlife Pensions Crisis’, they gradually become more optimistic as they age. Those in their early 50s are more likely to believe they will be comfortable in retirement (25%), more likely to look forward to retirement (16%) and significantly less likely to dread making retirement choices (4%).

For the survey 1,200 people over the age of 40 were interviewed in May 2016 by OpinonMatters