STANDARD Life has reported receiving an unprecedented level of inquiries from customers since the dramatic shake-up of pensions rules took effect on Monday.

The Edinburgh-based giant has received more than 3,000 phone calls from people who want to understand how the reforms could affect their retirement options.

A further 1,000 have accessed their pension pots online.

Standard Life said some customers have decided to take advantage of their newfound ability to take money out of their pension savings to cover expenses ranging from buying a speedboat to paying for weddings.

Others have chosen to cash in their savings in full or partially to either pay off debt or to invest in property.

The company said based on the conversations with the 3,000 customers, the majority had taken the time to weigh up their retirement options rather than making an immediate decision.

It said the conversations averaged around 30 minutes, indicating the level of complexity of retirement-related questions.

Jamie Jenkins, Standard Life Head of Pensions Strategy, said: "While it is far too early to draw any definitive trends, as expected, the main focus this week for those with very small pension pots is to understand their options to release cash."

Other pension companies including Scottish Widows are reported to have received high levels of inquiries.

From April 6 anyone over 55 with a non final salary pension has been able to liquidate it, using only the free Pension Wise guidance service if they wish. Giving up final salary entitlements can only be done after fully-qualified advice.