Two thirds of those most likely to be affected by the upcoming pension changes on April 6, "A-Day", have done nothing to adjust their pension plans, according to research from Barclays Bank.

The survey found that 57% of people do not think that the changes to pension funds will affect them, which would account for the lack of action, the UK-based bank said. However, this means that many may end up paying too much tax or lose out on opportunities.

Of those who have reviewed their retirement plans in light of A-Day, only 60% sought advice from a qualified financial advisor, leaving 40% to act on information garnered from their own research. Without taking professional advice, many may not be making the right changes, the bank warned.

Stephen Ingledew, director of Barclays financial planning, said: Essentially, A-Day can affect almost everyone who has contributed to a pension fund, but people with substantial pension pots and those intending to retire over the next few years are most likely to be immediately affected. We’d particularly urge higher earners and those almost nearing retirement to be prepared by getting expert advice over the next eight weeks.