Avoiding tax, accessing pension freedoms and the lifetime allowance are the topics which most concern people who contact the Pensions Advisory Service (TPAS).
Speaking at the annual State Street Global Advisors Defined Contribution Annual Conference, head of information and guidance Charlotte Jackson said people were considering their options more carefully.
This signalled a change in behaviour to the initial months when the freedoms started in April where people were looking to access their money as quickly as possible.
Jackson said: "What we are seeing now is that people are more considered and taking their time. Around 20% of people are saying to us they want a combination, the security of an annuity and a degree of flexibility."
Ignition House managing director Janette Weir added: "There is a lot of mental accounting going on regarding the different pension pots people have. They are likely to be taking money out of their small pots first but that really depends on the fund performance of their incomes."
Master trusts’ investment strategies have grown and become more sophisticated over the last three years, but “growing pains” are hindering progress, according to the Defined Contribution Investment Forum (DCIF).
More than half of BlackRock’s flagship UK defined contribution (DC) default fund’s assets will be invested in ESG strategies by June 2021.
Graeme Bold says the right communications can improve both the level of savings and the outcomes for savers.
More than half of UK savers agree they are unable to save sufficiently to achieve the retirement they want, according to research by BlackRock.