The long-awaited A-Day has arrived, heralding the start of a reformed pensions system.
The new pensions regime aims to simplify the pensions process making much easier for people to save towards their retirement.
A number of changes are being brought in under the new pensions scheme, for instance people will now be able to save money in more than one pension plan.
There will also be no limits placed on how much money consumers can put in a pension scheme or how many pension plans you can open.
However there will be some limits on the amount of tax relief pension savers can receive, with tax relief given on amounts of money up to £215,000 per year or on an individual's total yearly income, whichever works out as the smaller amount.
A-Day will also give people the chance to continue working for their employers even if they have started drawing their pension from the company's pension scheme.
These changes mark the biggest reform of pensions in 50 years, yet most people are still unaware of what impact A-Day will have on them and their pensions.
Recent statistics compiled by the market research company Mintel found that 43 per cent of adults they questioned were completely ignorant of the new pension regime.
New pensions regime gets started today
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New pensions regime gets started today
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