From April 6 anyone over the age of 55 will be given much more freedom over what to do with their pension pot. At the moment, most people buy an annuity - an insurance contract that gurantees an income for life - with their pension. But the government is changing the rules so that people can withdraw multiple lump sums from their pension pot if they wish without being hit by a huge tax bill. They are then free to spend this money as they wish.
If you’re planning on cashing in some of your pension, we’d like to hear from you. What sort of things will you be spending the money on? Perhaps a new car, a holiday or helping out your children and grandchildren? Or will you be buying an annuity, as in the current system?
You can tell us about your plans by clicking on the blue ‘Contribute’ button on this article. You can also use the GuardianWitness smartphone app or the new Guardian app and search for ‘GuardianWitness assignments’. If you’d prefer then you can email guardian.witness@theguardian.com
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