Some may have argued that the pensions market was long overdue a shake-up of this scale. In the months since the chancellor’s announcement, the industry has had a chance to digest the reforms and many firms have already responded with new products and solutions.

Among the sweeping changes revealed by Mr Osborne was the scrapping of annuities, so from next April investors will no longer be required to purchase an annuity at retirement.

This puts the onus on investors to ensure they continue to receive income in retirement, particularly those who decide not to go down the traditional route of buying annuities.

Close Brothers Asset Management (CBAM) has recently confirmed it is “repositioning” its at-retirement offering in response to the changes to pensions.

Martin Andrew, chief executive of CBAM, observes: “The government’s planned pensions reforms give retirees new choice and flexibility in how they plan for retirement. We’re all living longer so we have to make important decisions to get the lifestyles we want in later life.”

He adds: “Gaining control of pension pots empowers people to manage their finances more effectively but it also creates the need to actively plan for retirement.”

While the reforms would seem to offer greater flexibility for those approaching or at retirement age, this means that investors will need to take responsibility for their savings.

With that in mind, it is likely that the search for income, already a trend among investors in the low-interest rate environment, will continue to grow.

Ian Sayers, director general of the Association of Investment Companies, believes annuities will “still have a place” but suggests the pension changes present a long-term opportunity for the investment company sector.

He explains: “With the collapse of the deposit rates since the banking crisis, many investors have turned to equity-based investments to provide income. They have reckoned that, providing they can ride out the ups and downs in the market, they get a better initial income, as well as the possibility of income and/or capital growth over the long term.

“And those that took this view when interest rates fell to 0.5 per cent in 2009 have been well rewarded.”

But Mr Sayers says: “Investment companies have a structural advantage when it comes to providing an income due to their ability to keep back income in good times to boost or maintain dividends in leaner ones.

“They are particularly suitable for income-producing illiquid assets, such as infrastructure and property, and have the ability to pay income out of capital.”

It is a time of change then in the pensions industry and, arguably, change encourages innovation. But with pension providers likely to be launching new pension products and rebranding existing ones, and the investment trust sector vying for a slice of the pensions pie, investors may want to consider which products provide the best solutions for pension pots.

Ellie Duncan is deputy features editor at Investment Adviser