Today, after years of flirting, Mark Carney has finally committed and gone through with the rate rise he was teasing us with for months.
Around £11bn is held in these funds on behalf of pension investors buy they have fallen by more than 4 per cent on average since early September as gilt yields have risen.
Mr Long said: "Imagine a pension pot of £100,000 - in little over a month the strategy that you understand to have de-risked you has actually lost over £4,000.
"This is why understanding where you are invested, particularly on the run in to retirement is so important."
He added that these plans used to be designed to smooth out any changes in the annuity market, so if annuity rates went down the fund value would go up to compensate. But since the pension reforms most people do not buy an annuity.
If your clients are already in drawdown and their pension is at the mercy of the markets, then experts are predicting little impact in the short-term - at least from rate rises.
Thomas McMahon, senior analyst at FE, said today's interest rate rise had already been priced in and it probably represents a "one and done" approach from the Bank of England.
Instead Mr McMahon said the longer-term picture was likely to remain clouded by the uncertainty surrounding Britain's departure from the European Union.
He said: "Investors panicking about bond allocations should consider what has happened in the US: there have been four rate hikes since December 2016 and in that time the US 10-year bond yield has risen by just six basis points.
"And this was in a hiking cycle driven by a strong economic recovery rather than the UK hike which is a reversal of a dubious emergency measure."
According to the Bank of England, cash savings in an easy access account will be earning 0.14 per cent while cash Isas will be earning 0.3 per cent.
Yorkshire Building Society and Nationwide have already said they would pass on the full rate rise to savers on variable rate accounts.
Mr Carney made clear today that he expects the rate rise to be passed on to savers, reminding banks they were quick to pass on the cut in interest rates and threatening to "watch it closely".
The good people at Savings Champion said it was "unlikely" the full rise would be extended to all variable rate accounts and even if it was passed on, it would take a while to filter through.
Ms Nelson said: "Given it’s been such a long time since the market has seen a base rate rise, it is very difficult to tell whether providers will increase their rates straight away or decide to wait and see what the rest of the market does before making their move.
"Anyone looking for a savings deal now will need to keep on their toes and check the Best Buys to ensure they are still getting the best rate."