Investors have been rushing to take advantage of new opportunities to boost their retirement savings just six weeks after an overhaul of the pensions rules, according to professionals at the latest Sunday Times Money round table.

Advisers and insurers at the event said savers had seized on the opportunity to contribute significantly more to their pensions since A-Day on April 6, including sending in one-off cheques for £100,000 or more.

Members of company schemes are also using the new freedom to take out self- invested personal pensions (Sipps) and are even ploughing shares from employee share schemes into the plans.

Wealthy individuals have been at the vanguard of the changes, according to our round table.

“Since A-Day pensions have almost become a plaything for the rich,” said Andy Bell of AJ Bell, a pensions administrator.

But savers with more modest pensions can also take advantage of the new rules, which include greater freedom to take out bigger tax-free lump sums.

We asked our panel of professionals which aspects of the new rules savers have been most keen to exploit, and how you can follow suit.

Contributing more

“We’ve seen some large contributions of £100,000-plus come in since A-Day,” said Tom McPhail of Hargreaves Lansdown, an adviser.

“I’m expecting individuals to plough their bonuses or windfalls into their pensions now that the contribution limits make it easier.”

The new pension contribution rules are so generous that most people will find it easy to save more into their schemes.

You and your employer can invest an amount equivalent to your annual salary each year and receive tax relief on the contributions up to a maximum of £215,000.

The annual limit will increase each year, rising to £255,000 by 2010. For most people this is much higher than the old limits, which were based on a percentage of earnings.

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