At least five of Britain’s biggest insurers will allow customers to use their pension like a bank account from April, when new pension freedoms are being introduced. Insurance giants Aegon, Aviva, Scottish Widows, Standard Life and Phoenix confirmed to Telegraph Money that they will allow over-55s to dip into their pensions as and when they like, taking their 25pc tax-free lump sum as they go. Currently most pension schemes don’t allow people to take small amounts of money, and the newly retired are forced to take their 25pc tax-free lump sum within 18 months of retiring. However, in his Budget in March last year, the Chancellor, George Osborne, announced a set of radical changes to allow pensioners greater freedom over how they draw their pension in retirement.

http://www.telegraph.co.uk/finance/personalfinance/pensions/11410544/Is-your-pension-firm-ready-to-give-you-full-access-to-your-money.html