The Treasury has announced a series of measures to give savers more freedom over how they can access their money tax-free.

Currently, savers over the age of 55 can take 25% of their pension as a tax-free lump sum, but under the reforms, people will be able to take money out of their pension pot whenever they want, with 25% of whatever they take out being tax-free. More details are to be released later on today.