I hit 55 earlier this year! So the new rules on pensions could be relevant to me. From next tax year, I could (I won't though — it would be crazy!) draw out all of my pension fund and pay tax on it, and then spend it. The legislation to allow this is now out in draft.
The Government announced at Budget 2014 proposals to allow people aged 55 and above, from April 2015, access to their money purchase pension savings as they wish during retirement, subject to their marginal rate of income tax.