Senga Jones said: “Ensuring our members will be able to take full advantage of this important service is yet another step towards improving outcomes for pension savers."
47% of people aged 55 to 65 had spoken about pensions with family, while this dropped to 18% among 18 to 24s and 29% for 35 to 44s.
The survey revealed more than a quarter (27%) of employees had no idea how many pay days remained before they intended to stop working.
There were 200 public sector schemes with 19,784,000 members and 5,060 private sector schemes with 9,174,000 members.
The deal secures benefits for 30 members, including 22 pensioners and 8 deferred members.
The solution is available to both new and existing clients with DB schemes in surplus.
The fund is expected to go live in early 2026, subject to approval from the Financial Conduct Authority (FCA).
Penfold warned that bonuses are taxed in the same way as salary, meaning a significant portion can be lost before it reaches employees’ bank accounts.
Around 20% of members aged 55 and over have started using the Planner since its launch 12 months ago.
Advisers expect two thirds (66%) of their clients will be affected and need IHT advice, up from 52% earlier in the year.
The coalition will focus on removing barriers for pension providers who want to invest in renewable assets.
WTW will acquire all of Cushon in a wider deal, expected to complete in the first half of 2026, subject to regulatory approval.