In April 2015, the government introduced radical changes to the options available to people with defined contribution pensions at retirement.
There is now no restriction on the ability to drawdown funds from a defined contribution pension pot after age 55. The tax rules have been drastically simplified to give people unfettered, flexible access to their pension savings.
The government proposed that from April 2015, individuals with defined contribution pension savings should be able to access those savings as they wish at retirement.
Pension drawdown plans can facilitate this sort of flexibility.
However, it is important to realise that income taken from pension plans should ideally be sustainable for life and advice on how to manage money in retirement is more important than ever.