The overall concept of freedom and choice is not complex; people can now choose how they access and use their defined contribution pension savings when they reach 55 or their chosen retirement age.

After all, it is their money and each person will have quite unique needs, circumstances and wishes of how they use that money to fund their chosen lifestyle in retirement.

But what is now essential is that these new freedoms and wider choices are explained to pension scheme members. And that those that need it have access to advice and suitable investments for them to use.

Financial education via retirement seminars will provide that guidance. Members will then not only know their choices but also be shown what to think about when looking for the most suitable annuity and/ or drawdown investments, as well as considering risk, further specialist advice such as around wills and estate planning, protection and tax planning.

A pension takes a lifetime to save and can now be used completely flexibly in line with individual member needs. But mistakes can be catastrophic and not easy to  recover from, so there has never been a greater need for education and advice at retirement.