The Pensions Freedom Act of 2015 is a UK government reform that changed the rules around pensions and the options available to individuals who have pension savings. The act gave people greater flexibility over how they use their pension savings, including allowing them to access their pension pots and take their money as a lump sum or income, rather than being required to buy an annuity. The act also increased the age at which people could start accessing their pension from 55 to 57 from 2028.

The options you have include:

• Taking a lump sum: You can choose to take all or part of your pension pot as a lump sum, however, it's worth noting that 25% of the lump sum will be tax-free and the rest taxed at your marginal rate of income tax.

• Income drawdown: You can choose to keep your pension invested and draw an income directly from it, however, it's worth considering that the value of the pension pot can go down as well as up, so your future income may be affected.

• Annuity: You can still choose to use your pension pot to buy an annuity, which provides a guaranteed income for life.

• Combination of the above: You can choose to take some of your pension pot as a lump sum, use some to buy an annuity, and keep some invested in drawdown.

A good adviser can help you fully understand your options and help you determine what’s best for your individual circumstances. They will take into account your personal circumstances, financial situation, and long-term goals to help you make informed decisions about your pension and retirement. With their help, you can ensure that you make the most of the pension freedoms and that you have a comfortable and financially secure retirement.