yesterday the biggest pension reforms in a century were launched , allowing over-55s to cash in their pension pots rather than being forced to buy a fixed monthly income .
but as pensions freedom day finally arrived , the government appealed for caution , perhaps fearing that some people will pay a hell of a lot of tax ' if you do .
while the first 25 per cent of any withdrawals from pensions are tax-free , savers will have to pay income tax .