Almost half of savers who chose to cash in their pensions as part of the biggest reforms in a century will be making an 'irrational decision ' , according a financial watchdog . On April 6 , over-55s will be allowed to cash in all or part of their pension , rather than being forced to buy a guaranteed monthly income for life . The Treasury has pledged to offer appointments to help them decide what to do with their money . Next month over-55s will be allowed to cash in all or part of their pension - but experts are predicting chaos when the changes come in as the Treasury advice service is not yet up and running . However , the Financial Conduct Authority is warning that up to 40 per cent of savers who cash in their pensions will be 'irreversibly worse off ' . And in some cases they even say people who cash in will be left destitute as they enter old age . Christopher Woolard , director of strategy and competition at the FCA , told the Telegraph : 'In many cases it may not be in the member 's best interests . 'We need to ensure that those who are considering it are fully aware of the potential benefits they are giving up . ' The warning comes amid concern that some savers still can not book an appointment with the Government ’ s pension guidance service – despite just one month to go before the reforms . Insurance firms say they are being contacted by floods of frustrated customers who are unable to even book a face-to-face or telephone appointment . Experts are predicting chaos when the changes come in , with the ‘ Pension Wise ’ service still without a telephone number or booking service . Insurance firms say they are being contacted by floods of frustrated customers who are unable to even book a face-to-face or telephone appointment . Richard Jones , of Scottish Widows , said : ‘ I am concerned the Government is over-reliant on its website . Many people will want face-to-face or telephone guidance . ‘ I am worried they are not going to be able to cope with the initial surge . ‘ We have had customers calling since the start of the year who want to talk to the Government about what they want to do in April but they can ’ t . Thousands of customers who are trying to figure out what to do and can not even book an appointment yet. ’ Scottish Widows , which corners 10 per cent of the retirement market , has recruited an extra 400 staff to deal with queries about the pension reforms and expressed their dismay that the Government had hired fewer than that themselves . Only 300 official experts will be on hand to help hundreds of thousands of savers make the right decisions about their pensions when major reforms kick in . Many will have little or no previous expertise in pensions , which could lead to huge delays and many missing out on proper guidance . Job adverts being placed by Citizen ’ s Advice have revealed that , while it essential that applicants have good numerical and communication skills , no pensions knowledge is required .
On one month over-55s will be allowed to cash in all or part of their pension . But a financial watchdog says cashing in could be an 'irrational decision ' Financial Conduct Authority says some will be 'irreversibly worse off ' Adds in some cases people will become destitute as the enter old age . Treasury offering appointments to help savers decide what to do . But 'Pension Wise ' service does not even have working telephone number . Savers are unable to book an appointment - with just April 6 to go .