The government has said it will be reviewing the pension advice allowance - which was introduced following the Financial Advice Market Review to help close the advice gap - after most major providers said they either didn't offer it or saw little or no interest.

Pensions minister Guy Opperman has admitted the allowance, currently set at £1,500 over three years, was "too low to get an efficacious outcome" and said he was now working with HM Treasury to see if it could be improved.

This week reporter Amy Austin examines what future the pension advice allowance might have. She is joined by Peter Glancy, head of pensions and investment policy at Scottish Widows - one of the few providers which offers the allowance - and Tim Morris, a financial adviser at Russell & Co.

They discuss why take-up of the allowance has been so poor, how it can be improved to increase interest from advisers and consumers, and how the process of seeking advice on pensions can be made easier.

The FTAdviser Podcast is the weekly podcast for financial advisers, brought to you by FTAdviser. Each week, FTAdviser is joined by guests from the industry to discuss the week in news and pressing industry issues.

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