Up to 1.3 million recipients of pension advice could miss out on £236m of potential tax savings, if advisers and employers do not act on new legislation in time for April.
Employees can now sacrifice up to £500 taxable salary p.a., in return for a tax-free payment from their employer, reimbursing them for any fees paid for pension advice.
However, the new legislation has gone largely unnoticed since receiving Royal Assent in November.
If this does not change in time for the end of this tax year, 1.3 million clients could miss out on an average saving of £187 for the 2017-18 tax year.
Pension Advice Vouchers CEO Adam Price commented: "Access to good financial advice is so important right now, and this government initiative reduces the cost by up to 62 per cent.
“But very few employers yet offer this benefit. It’s especially urgent for the 1.3 million employees who already pay for advice each year - they only have until April if they want to capture their first year’s savings."
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