The paper provides advisers with information on the current decumulation market, what factors need to be taken into account when planning a client’s retirement journey and what the market response to the pension freedoms has been.

Thesis noted that while much of the discussion and debate around decumulation has focused on understanding the risks in managing a pot in retirement, the conversation has not moved beyond this to understand what can be done to mitigate these risks.

With 72% of advisers reporting they need a more robust centralised retirement planning process, Thesis believes there is more work to be done to manage an ever growing number of clients relying on their investments to sustain them in retirement.

Earlier this year the asset manager responded to this demand from advisers by launching a managed income service - a decumulation portfolio service targeting long term income while mitigating the risks of investing in the near term.

Lawrence Cook, director of marketing and business Development, said: “One of the most prominent financial questions now asked is ‘Have I got enough money to live on in the lifestyle that I want?’

“In the past people relied on final salary pension schemes, but these are becoming a dying breed and the defined contribution market has been turbo charged by the Pension Freedoms in 2015.

“Not surprisingly, therefore, we have seen an increasing focus on the needs of clients in this situation. But while the risks and issues surrounding decumulation are well understood, there has been a distinct lack of innovation from the market to help guide clients through what is a challenging period in managing their money.”