As the Government marks the first anniversary of the most significant pension reforms for a generation, official figures reveal that 230,000 people have accessed their pension pots.

The so-called 'pensions revolution' in April 2015 introduced reforms that meant people could access their savings how and when they want.

HMRC figures show that the new freedoms have been popular with the 230,000 people accessing GBP 4.3billlion flexibly from their pension pots during the first year.

The economic secretary to the treasury, Harriett Baldwin, said it was right for people to have a choice over what they do with their money.

She said: "In their first year our successful pension freedoms have already given thousands of people access and responsibility over their hard-earned savings.

"We will continue to make sure that the pension freedoms work well for everyone, including through working with our partners to ensure consumers are protected and that there is simple information to help people understand their options."

Pension Wise, the Government's free guidance service, has proven popular over the year, with more than 2.2million visits to the website and nearly 55,000 appointments to date.

However, Alistair McQueen, savings & retirement manager at Aviva said the data showed that less than 25% who have taken flexible payments have used the service.

"Only 36,000 face-to-face meetings and 18,000 telephone engagements have taken place over the same period," he said.

McQueen went on to stress that there was no place for complacency and that close attention is still needed.

"Freedom and choice is a good thing, but the promotion and delivery of support is critical in helping savers make the right decision in this brave new world," he said.

The Government has announced that it will be capping early exit fees, allowing earlier access to Pension Wise guidance, and working with industry to introduce a Pensions Dashboard.

It has also announced that it is extending the freedoms even further, giving more people the right to sell their annuities if it's best for them from April 2017.

First published 28.04.2016

Lindsay.sharman@wilmingtonplc.com