The majority of defined contribution (DC) savers plan to take their pension pot as cash once restrictions are removed, according to Barclays Corporate and Employer Solutions (C&ES).
Research across 2,000 DC members showed 56% would opt for a cash lump sum at retirement, with 64% welcoming the government's decision to grant more flexibility to pension savers.
Earlier research commissioned by Barclays found that 84% of DC savers expected their employer or trustee to tell them if they were not saving enough for an adequate retirement income.
Barclays (C&ES) head of investment proposition Jonathan Parker said: "The proposals contained in the Budget mean that it is vital pension savers in the workplace have access to regular, high quality financial education and information throughout their working lives.
"This will help ensure they understand the impact of the decisions they take and the important benefits a workplace pension can bring them."
Speaking at the Baker Tilly pensions conference last week, pension minister Steve Webb said he would be "nervous" of providers meeting the at-retirement guidance pledge.
He said the consultation process would seek to determine whether the guidance could be provided through organisations like The Pensions Advisory Service (TPAS) and the Money Advice Service (MAS).
Although the government has committed £20m to the ‘guidance guarantee', industry figures have estimated the cost to providers and schemes could be anywhere between £32m and £120m per year.
