In April 2015, pension reforms allowed individuals the ability to access their savings how and when they want. Figures released in July 2016 show that 159,000 people have accessed £1.7 billion from their pensions since April 2016.

The total value of payments taken since the launch of the freedoms is £6 billion. From April 2017, pension holders will have the ability to sell income from their annuities subject to agreement from the annuity provider.

The government has recently announced plans to cap early exit fees, allow earlier access to Pension Wise guidance and will work with the industry to produce a pension’s dashboard.

More details are provided on the HMRC website.