Many individuals will soon reach retirement with accumulated pension savings solely in defined contribution (DC) form. Reforms to the pension system in 2015 offered individuals greater flexibility in how they structure and manage the provision of their retirement income, but did not deliver supporting tools to help them navigate the new world. In this paper, we explore how individuals with DC savings can balance aspiration with financial reality. We discuss:

• Tools and techniques to help manage retirement income
• Smoothing and dynamic investment risk management
• Desired income profiles
• Current market developments outside the UK
• Illustrative case study
• Historical scenarios
• Stochastic scenarios