Budget 2015: Latest pension changes explained

Chancellor George Osborne is set to allow up to five million existing pensioners to swap their fixed annual payments for cash.

In what is seen as an attempt to woo older voters, the chancellor is expected to extend pension changes from April 2016, to allow existing pensioners to swap their annuity for a fixed lump sum.

It follows reforms announced last year that allow working people to cash in all or part of their defined contribution pension when they retire, rather than buy an annuity that guarantees an income for life.

Joe Lynam reports.