The pensions minister said one-on-one guidance for all would prove expensive and would likely be unnecessary as most retirees need to know the same basics.

The Chancellor George Osborne announced at Budget 2014 that, from April next year, all savers aged 55 and over will be offered free, impartial face-to-face guidance on their options.

Webb said the government is mindful of the cost of delivering the guidance, and that group sessions were being considered.

“Face-to-face – the Chancellor used that phrase – and we will honour that of course, but that’s very expensive,” Webb told the Financial Times.

“For example, if face-to-face meant every individual – and lots of them – sitting down for an hour with somebody everywhere in the country, that would be very, very expensive.

“Face-to-face could involve groups, for example, as a lot of the conversation is generic. The things that people need to know, they all need to know.”