In March 2014, George Osborne announced a series of new rules relating to pensions. Collectively, these rule changes are now widely referred to as ‘Pension Freedom’ or ‘Pension Flexibility’.

They came into effect in April 2015. The rules changed the way retirees might plan their retirements and will affect many generations, not just those at the point of retirement.

Our guide aims to inform you of the main headlines that surround the pension freedom rules and how they impact different situations and circumstances.

This is an overview, not a detailed analysis.

We are especially keen to emphasise how the rules influence the way you approach financial planning. This is not a technical guide – some of these areas remain complex, and detailed aspects may change depending on your circumstances.