The ‘Pick-A directory’, set up by lobby group the Pensions Income Choice Association (PICA), will act as a shop window for Financial Conduct Authority-regulated retirement specialists to promote their services to those approaching retirement.

Advisers who sign up to the directory will be asked to divulge the services they offer and retirement providers they deal with, as well as their advice charges. To qualify, intermediaries’ panels must offer advice or guidance that covers at least 75% of the open market.

The PICA directory will cater for consumers seeking advice and those simply seeking simply a better deal. Either way, Tom McPhail, chairman of PICA and head of pensions research at Hargreaves Lansdown said, by shopping around, thousands of retirees will benefit from professional support.

“More value is lost out of the pension system at the point of retirement than at any other stage in the entire retirement savings journey,” he said.

“Without someone to help them shop around for the right type of retirement income and to search the market for the best rate it is virtually impossible for pension investors to get a good deal from their retirement savings. This directory will help them to find the right help at the right price.”

The directory will provide a three-step process for consumers to assess the specific type of support and assistance they are looking for. It then generates a list of suitable intermediaries that are matched to meet these specific requirements and at a cost they can afford.