Just because people have been given the choice as to what to do with their pension doesn't mean they will make the best choice.

Whilst prior to pension freedoms there was much work done to encourage retirees to shop around for the most suitable annuity, this type of industry best practice has yet to include all choices now offered by the pension freedoms.

And as any professional helping people with retirement planning will know, the vast majority are ill-informed and ill-guided to make the best decisions without further guidance or professional advice.

This research bears this out with a third of people choosing their existing pension provider post-retirement rather than reviewing other products and providers. Inertia or taking the easy route can be catastrophic and could really damage potential lifestyle in retirement.

The sooner the industry, providers and employers realise they have a duty to point everyone about to access their pension to some unbiased guidance and advice the better. And the sooner individuals are helped to see the difference that a better choice may mean for their lives in retirement then hopefully the sooner more will seek the guidance they need and make better informed choices when taking their pension.