Chancellor George Osborne is expected to extend pension freedoms to some five million people who have already purchased an annuity.
The change - due to be announced in Wednesday's Budget - will remove limits on buying and selling existing annuities.
The reform lets people cash in their annuity without incurring heavy tax penalties.
It also allows pensioners the same access to their retirement funds as the Chancellor announced last year for people who have yet to take their pensions.
Under those changes, from 6 April people can cash in their pension savings when they retire, rather than purchase an annuity.
With just weeks to go before the General Election, the announcement is expected to be popular with elderly voters.
The Chancellor is also reportedly considering cutting inheritance tax in a move which could allow millions to pass on their homes to their children tax free.
The Sunday Express reports that Mr Osborne is considering raising the death tax threshold from £325,000 to £1m, or abolishing the tax for a main family home.
The reform will either be announced in the Budget or as part of the Conservative manifesto, according to the newspaper.
Mr Osborne is expected to say on Wednesday that his Budget will deliver "a truly national recovery".
The Chancellor will outline measures to invest in industries around Britain, not just in London and the South East.
The measures are expected to include increased support for regional technology clusters and investment in the chemical sector in the North East.
Writing in The Sun On Sunday, Mr Osborne said: "We mustn't go back to the bad old days of just relying on the City of London for growth.
"New analysis shows that if all parts of England outside London and the South East grew at the national average then the UK economy as a whole could be an extra £90bn bigger by 2030.
"And it can be done. Between 2010 and 2013 Yorkshire and the Humber alone created more jobs than the whole of France, and in the South West over the last year someone has got a new job every 10 minutes."
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