Previously, we would have been fortunate if we had any pension provision, and if we did, there were very limited options available when we reached the time those pensions could be accessed. Now, more of us have pensions that we have built up, and because of the recent changes the government has bought in for workplace pensions, thankfully even more of us will have an income in addition to the State Pension.
There are also more ways we can access our pensions - known as pension freedoms - and that is good. However, it also means that it can get confusing knowing what to do. Yes, we could all appoint a financial adviser, but it can seem an expensive option and some people either don`t want to take that step or (rightly) believe they can manage by themselves if they were better informed.