Reforms to pensions in 2015 granted greater freedom to consumers and opened up a larger range of options for retirement savers. One point to make is that some are planning to withdraw more than the tax-free lump sum which could set their financial planning back. Some individuals may choose to take their pension fund in cash which means they could experience a tax bill shock. 10% of retirees plan to withdraw their total pension savings as a lump sum. However other options could be available to them such as: flexible payment withdrawals, and drawing pension funds in stages. Seeking professional financial advice could help you to plan more effectively for your retirement.