It's a very complex process trying to decide how much to save into your pension and the decision-making process involves considering things like inflation risk, investment returns as well as your liquidity and longevity needs.

These are some of the big questions considered by trustees of defined benefit schemes who are often supported by sophisticated advisors that can help set the parameters of these assumptions. 

Individual pension savers often don't have any specialist knowledge or input to help with making these important financial decisions. Perhaps the introduction of collective defined contribution schemes (also known as collective money purchase schemes) will help pension savings become easier to navigate for individuals as investment decisions can be left to those with specialist skills. Perhaps pension saving should even be a topic on the school curriculum?