The pension freedoms came along at a time when annuity values were at rock bottom and the pensions market was perceived as in need of a shake up.

Introducing more flexibility into pensions has presented many advisers and their clients with challenges. Many more options at the decumulation stage can be confusing but, on the other hand, retirees may feel more in control of the money they have worked their whole life to save.

It is important for advisers to understand what the freedoms mean for individual clients.

Corrado Pistarino, chief investment officer for Foresters Friendly Society, acknowledges: "Saving for retirement is one of the most debated problems in modern society. A sustainable system ensures intergenerational fairness and, by and large, social cohesion.

"From a macroeconomic perspective, retirement savings represent a large share of the capital stock in the economy, supporting growth through the process of capital accumulation and increase in productivity."

He adds: "Planning for life after work means building up a suitable size fund in order to maintain a certain standard of living."

However, Peter Bradshaw, national accounts director at Selectapension, suggests: "I think pensions freedoms, basically, is a bit of an illusion. It's changed the landscape, for sure.

"I suppose, yes, you've got more choice but you've got more responsibility." 

This guide, which is worth an indicative 60 minutes of CPD, sets out the background to the pension freedom and choice regime, and considers how many options there are now for advisers with clients planning for retirement.

It also finds out what questions advisers and providers frequently face in relation to the pension reforms and whether there is more that both the industry and government can do to make the transition from accumulation to decumulation simpler for clients.

Contributors to this guide: Fiona Tait, technical director at Intelligent Pensions; Scott Gallacher, chartered financial planner at Rowley Turton; Gareth James, head of technical resources at AJ Bell; Peter Bradshaw, national accounts director at Selectapension; Neil Adams, pensions and investments expert at Drewberry; Stephen Lowe, group communications director at Just; Verona Smith, head of platform at Seven Investment Management; Bernadette Lewis, financial planning manager at Scottish Widows; Alistair Cunningham, chartered financial planner at Wingate Financial Planning; Alex McCallum, retirement expert at Scottish Widows; Corrado Pistarino, chief investment officer for Foresters Friendly Society; Tom Selby, senior analyst at AJ Bell; Anthony Rafferty, managing director of Origo; Pensions Dashboard Prototype Project; City of London Police; Aviva; Pension Wise.

Ellie Duncan is deputy content plus editor at FTAdviser