Debt management has become a hugely important issue for many people dealing with mortgages, credit cards, university fees or unexpected expenses such as flood damage.

Providing a way for people to reduce their monthly outgoings, create more income, and so save more is good advice.

Taking out a pension used to be a two-stage process. Clients saved while they were working, then took benefits when they stopped. At this point you may have considered whether an annuity or income drawdown was the most suitable way to provide those benefits.

This has become a three or four-stage process for many people. Saving starts in the same way, however people are able to access their pension while still working, take out a tax-free lump sum, and put off taking an income until they actually retire.

When they do retire they have an income drawdown plan in place and can afford to wait until conditions are right before buying an annuity. It is no longer a choice between drawdown or annuity; it becomes a case of drawdown and annuity.

Let’s be clear, this is not about stripping money out of a pension to pay for a holiday or other nice-to-haves. It is about restructuring personal finances to manage lifestyle changes in the latter stages of the working lifetime.