But from July HMRC is removing this floor, leaving savers exposed to sudden falls in income, warned Alistair Cunningham, of Wingate Financial Planning, an advice firm.
"Many people will have seen their pots increase dramatically over the past year as stock markets have risen but because of the removal of the floor, a 65-year-old could see their pension income drop by around 10pc," he said.
"You could move to a 'flexible' drawdown pension and ignore the fall in income but then you would be impacted by the reduced annual allowance for the rest of your life."
A 65-year-old with a pension worth £200,000 would have a maximum income currently of £15,900 a year. But if the yield used for the calculation fell to 1.75pc, income would be capped at £15,300, a £600 cut, according to Barnett Waddingham, a pension company.
If the yield fell further, and it was below 1pc last August, the cut in income could be much higher. In the above example, it would fall to £14,100 a year if the yield was 1pc, a cut of more than 11pc.
If you are under the age of 75 the maximum income you can take is reviewed at least every three years. Over that age it must be reviewed each year. If your review date is set for after July then you could see your income cut.
If your pension company allows it, you could ask for an annual or tri-annual review to be brought forward ahead of July to stave off the cut to income.