Research by the Social Market Foundation, sponsored by Phoenix Group, estimates the average person reaching retirement age is almost £250,000 short of the pension pot they’ll need to deliver the pension income they want. That’s a savings gap of £132 billion across the UK. Let those numbers sink in. They’re alarming, to say the least. Even more alarming is that they’re only half the problem. It isn’t just that people aren’t saving enough; they’re also in danger of making the wrong decisions with what they have saved. The questions facing savers today are more complex than ever. Should I save into my pension or pay off my mortgage? Can I afford to withdraw cash from my pension pot now? Should I sell my small business? Which products should I buy? Are there tax implications? They’ve become harder to answer in today’s labour market, where people change employer every five years on average, accumulating numerous disparate pension pots.