The pension freedoms have increased people's choices in how they access and use their DC pension savings.

However, where there is choice there is a need for greater understanding and guidance around how to make good decisions.

Financial education is an effective way to increase awareness and understanding, and can guide large numbers of staff on the changes, their options and how to evaluate which is best for them.

And it's not just those at retirement who need this guidance; pension savers throughout their career will be more engaged with this valuable benefit if they understand that they have the freedom to choose how they access it. 

It is also key that those in default funds which move pension investments into lower volatility assets in the years ahead of retirement, understand what this means and make an informed decision whether this is the right investment strategy for their pension.