What's the biggest financial challenge people will face in 2015?

Pension freedoms could cause problems for many...

Zurich says that between 2013 and 2016, men received pension contributions of 7.8 per cent of their total salary each year from their employers compared with the 7 per cent received by women (Getty)

The much-vaunted pension freedoms could cause problems for many.

Why?

Because of complications and lack of clarity.

The pension industry is waiting with some trepidation to see what changes the Financial Conduct Authority may make to the retirement income product design, pricing and sales rule book. If you think that doesn't concern you, think again. Bear in mind that your retirement years could last many decades and you'll realise the importance of ensuring you have enough cash to last.

What decisions do you need to make now, ahead of the new rules being introduced in April and, indeed, ahead of May's election? One problem, anticipated by Alan Higham of Fidelity is that many pension companies could choose to do nothing with their current retirement income products until things become clearer.

"As a result, many people will be faced with moving their pension to take advantage of the new freedoms in April," he predicts. "And fears of Labour potentially reversing the changes together with pent up demand could see a massive spike in consumers seeking to access their pension pots."

He points out that it can take up to 12 weeks to transfer pension funds safely so people who want to access their pension under the new rules in April should start the process of investigating as soon as possible.

I interviewed Alan about the changes and some of the things that people should be preparing to do now. To see the full interview watch the video.