Pension overhaul: New access to savings begins

The first stage of the overhaul of pensions, announced in the Budget, has come into force with retirees given greater access to their pension pots.

New pensioners are now allowed to take a maximum of £30,000 from their pension savings as a lump sum, up from £18,000.

This is an interim arrangement before full flexibility over pension savings takes effect next April.

Simon Gompertz reports.