Pension reforms: eight things you should know

We’re completely overhauling the system so you can take your pension how you like
In order to create greater choice and flexibility for people who have saved hard for their pension, we announced at Budget 2014 a series of changes to how people access their pension.
From April 2015, no matter how much you decide to take out from your pension after retirement, withdrawals from your pension will be treated as income; the amount of tax you will pay on what you withdraw will depend on the amount of other income you have in that year. This is instead of being taxed 55% for full withdrawal, as it has been previously.