Retirees who have been investing a lifetime of earnings into a pension scheme should seek financial advice, an expert in the industry has said.

With more and more people retiring and with larger sums of money, Key Financial Consultants have advised retirees to speak to an independent financial advisor rather than trust what they read in newspapers and publications.

Dominic Mansley of the firm comments: Research shows that up to 40 per cent of retiring people could qualify for an impaired life or enhanced annuity .

Mr Mansley remarks that it is of the up most importance that retirees do the right thing for them with their investments and pension funds .

He adds that withdrawing from pension funds is a major decision for people with the most important message for retirees being that they should take independent financial advice.

In related news, Scottish Widows stated that many UK tax payers are unaware of the savings they could make with their pensions funds.

According to the company, three-quarters (18.75 million) investors are not taking advantage of the tax relief they could get from a personal pension scheme .