A group of MPs are already having doubts about some aspects. The Work and Pensions Select Committee recently issued a report calling for, among other things, an increase in the age you can access your pension. At the moment this is set at 55, and will rise to age 57 when the state pension age goes up to 67 in 2028. But the Select Committee want the age raised to a higher level than that, set as five years before your state pension age.

The Select Committee are worried you might look to access your pension at age 55, and given the expected longevity, this would mean a greater risk of your money running out.

I can understand their concerns. There has been a heavy focus on the magical age 55 in commentary about the new rules, and it’s easy to see why many could see this age and the new rules as an opportunity to start dipping into the pension piggy bank. But whereas I would join in warning against taking too much too soon, I do think 55 is probably a perfect age to start thinking about what you want to do with your pension income and making sure you are on the right path to meet your needs and objectives.

If you are like most people (over 80 per cent) with a DC pension, you will be invested in the default investment option. And most default funds work on the life styling basis of moving funds slowly out of equity investments into more secure assets, such as government bonds, in the years running up to retirement. Annuity rates are based on the income available from government bonds, so moving gradually into bonds means that investors don’t take too much market risk.

The problem is you might be one of the growing number who doesn’t want to buy an annuity at retirement. A recent survey by Towers Watson predicted just 40 per cent of people retiring after April will actually buy an annuity.  So, it follows, if you don’t want to buy an annuity you shouldn’t be taking the default approach at all, and are possibly heading in the complete wrong direction with your pension fund investment.

We need to break the old way of working. Instead, your employer or pension provider should be asking you what you want to do with your retirement fund, and then setting you on the right investment course. And ideally they should be asking you at least five years before your retirement. In fact, 55 might be a perfect age for you to have this type of conversation.

If you do wish to buy an annuity  – or want to take your pension fund as cash – then to continue with the default life styling approach could still be appropriate.  But if you plan to use flexi-access drawdown to take an income, then you need to set a more appropriate investment strategy in the knowledge your money will be invested for a longer period. However, there is no one-size-fits-all approach. The investment mix which will work for you will depend on your personal circumstances, when you want to start taking income, how much, and how fast. Everybody’s retirement will be different and your retirement strategy before and after retirement should be unique to your needs and objectives alone.

You deserve and need a more personalised approach to planning your retirement. Fortunately, the pension market is changing and new innovative solutions are emerging that can help you – and your employers – tackle this issue. Only by considering what you want and need to do with your retirement fund, and what your circumstances and dreams and ambitions for retirement are, can we set the right retirement income strategy in place and help you to achieve the best possible retirement outcomes.

Remember, retirement is a journey that requires good preparation to make sure you don’t get lost or make mistakes. If your employer or pension provider are not providing assistance in the years approaching retirement, I believe you are perfectly entitled to ask ‘why?’ As an alternative, seek advice from a regulated specialist adviser to make sure you are on the right path towards retirement.