So the triple lock is staying, defined benefit pensioners are able to lay their hands on significant lump sums and obligatory employee contribution schemes are now in place up and down the country – it seems things are looking up for pensioners and those saving for their retirement.

But there are always challenges when it comes to getting the most from your savings, so it pays to keep abreast of the latest pension news.

We’ve previously covered the pros and cons of cashing out your defined benefit pension, with some impressive options out there if a large lump sum is appealing, but updated guidance from the Financial Conduct Authority is an indication that some people are worrying about the wisdom of enjoying a windfall rather than carefully planning for the longer term. In truth we have found there are circumstances where it either can be the ideal option.

The new guidance promotes pension transfer advice and aims to provide more protection to pensioners in the position of making that big decision. The aim is to remove a ‘one size fits all’ approach and instead adopt a more personal line of advice that is bespoke to the needs of the individual in question – something of which we wholeheartedly approve.

While the general recommendation will still be to maintain a regular pension income, the new FCA guidance does recommend that pension advisors no longer start their assumptions from the perspective that cashing out is a bad idea. What we take from all this is simply that everyone is different and everyone has different needs and circumstances. To make sure you’re making the right decision on your pension management or retirement planning, we’d suggest you get in touch with an experienced financial services form for professional advice – you’re likely to save money in the long term.