George Osborne's fifth Budget revealed a raft of retirement income reforms giving pension savers freedom of choice.
The radical changes, the biggest in a generation, are set to be fully in force by 2015.
If the changes go ahead anyone of pension age will be able to draw as much from their pension pot as they choose at any time. One quarter remains tax free and the balance would be taxed at about 20% and would be tax as income in the year it is taken.
Standard Life said though the detail isn't set in stone it signals the government's desire to give savers more control and responsibility over their retirement income. "It could represent pension utopia, but only with advice to solve an increasingly complicated retirement equation," the firm said.
AJ Bell head of platform marketing Mike Morrison told Professional Adviser clients are now split into two groups - those wanting to make a decision today and those who can wait.
He said: "For those retiring today, could they delay? If not then I think that the usual process applies - it is important to discuss what will happen but more important to go through the normal process of risk profiling/income needs etc.
"An annuity could still be the right answer for some people."
He added: "If they are drawdown clients then they could start now and move to the new regime if and when it emerges next year.
"Overriding all this must be an identification of the client's needs and an explanation of the risks of a fund not lasting for life and what would happen if the money is spent - state benefits etc."
So, what's on the cards?
The Chancellor's wider plans will be put out to consultation this year but some reforms will come into force on 27 March.
The capped income drawdown limit will increase by 25% from 120% to 150% of the GAD basis amount for income starting after 26 March.
The flexible income drawdown minimum income requirement will be cut to £12,000. It was previously £20,000.
Standard Life head of income solutions Alastair Black: "This is fantastic news for consumers. Standard Life has been leading the call for changes to give pension savers more control over the income they take from their pot. The changes for capped and flexible drawdown give welcome flexibility in advance of the more radical changes in 2015."
As predicted, trivial commutation rules were also overhauled. Small pension pots worth a total of £30,000 can now be taken as a lump sum. At present the limit is £18,000.
Small stranded pension pots of up to £10,000 can also now be taken as a lump sum - up from the current £2,000. And the number of small stranded personal pension pots that can be taken as a lump sum is increased from two to three.
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