New pension rules used by 60000 people

About 60,000 people have used new pension rules designed to give greater financial freedom in retirement, Chancellor George Osborne has said.

He told MPs in the Commons that more than £1bn had already been transferred out of pensions.

In theory, the new rules give pensioners the ability to withdraw money from their pension pots to do with as they wish.

But some pension firms are not offering full freedom to their customers.

Under the government changes introduced in April, those over the age of 55 have the ability to withdraw as much money as they like from their pension savings, subject to income tax.