Pensioners have much more choice now, following the start of the pension reforms a year ago, and many advocates are saying that the options available allow pensioners the ability to produce a package that is much more tailored to their individual circumstances and needs, with the ability to change one’s options as the pensioner gets older.

Gone are the days when a pensioner automatically bought an annuity from the same pension company as their saving product, and had no choice about changing their mind, once they had made that decision.

Many have drawn the conclusion that pension freedoms have changed the pension landscape forever, but it has also produced another set of problems: pensioners have to make sure they make the right decision, and may not be aware of the best way to do this.

Robo-advice is seen in some quarters as the solution for those who feel they cannot afford advice, and the government is planning to allow people to draw £500 from their pension fund to pay for advice.

But despite the variety of options available to people, a consensus is forming that the right way forward is to have a combination of products – an element of a fixed income, and an element of drawdown, with the possibility of tax-free cash.

When it comes to blending different types of pension products, there are obviously numerous ways of doing it. Each have their own advantages and disadvantages, and advice is important to make the right choice.

Changing the population’s attitude to its long-term future will require a big effort on the part of government, industry and advisers, but many expect it will be worth it in the long run.

Melanie Tringham is features editor of Financial Adviser