Pensions: Labour questions speed of rule reforms

Sweeping changes to pension rules have come into force which give savers much more control over their money.

People who are retiring no longer have to take out an annuity to provide them with a regular income, but critics have voiced concerns that ill-advised pensioners may end paying hefty tax bills or fall victim to fraudsters.

Shadow work and pensions minister Greg McClymont said that "greater flexibility at retirement is definitely welcome" but warned that financial products needed to be properly regulated to prevent mis-selling.