graphic of 'pension pot'
Media playback is unsupported on your device
Video

Pension expert explains newly introduced changes

The first stage of the overhaul of pensions, announced in the Budget, has come into force with retirees given greater access to their pension pots.

BBC business reporter Ben Thompson considers the impact the reforms would have - and the industry's response.

Hargreaves Lansdown pensions expert Tom McPhail said the "most significant" development was, "the relaxation of the rules around small pension pots".

Go to next video: Savers and pensioners' Budget boost