However tempting it is to dismiss the diminishing role of the state in retirement planning, it still looms large and it is important to make the best of it. Although perhaps not sufficient on its own to allow people to live a luxury lifestyle, the state pension is hugely valuable because it is guaranteed income for life and includes protection from inflation.

Arguably those factors have made it even more valuable in the new pension freedom environment where there is more emphasis on access to cash and less emphasis on long-term sustainability.

Steve Lowe is group communications director for Just Retirement