Retired person looking at pension documents
Media playback is unsupported on your device
Video

Major UK pensions changes due to come into force

Substantial changes to the pensions system come into force from midnight tonight.

Retirees will in theory be able to withdraw their entire pension pot in a lump sum, and spend it on whatever they like.

However, there are warnings that savers could face big tax bills, or fall victim to scams.

Joe Lynam reports.

Go to next video: High tax bill could hit pensions