British coins and notes
Media playback is unsupported on your device

New 'flexible' pension rules explained

Working people will be able to use their pension pots like bank accounts once they reach the age of 55. And every time they take money out, a quarter of it will be tax free.

The move has been announced by the Treasury as part of the Pensions Reform Bill. Ros Altman, the government's tsar for older people, explains the proposed changes.

First broadcast on the Today programme on 14 October 2014

  • 14 Oct 2014
  • From the section UK