diff --git a/rest_auth/serializers.py b/rest_auth/serializers.py
index 723cfca..0fa9687 100644
--- a/rest_auth/serializers.py
+++ b/rest_auth/serializers.py
@@ -239,12 +239,12 @@ class PasswordChangeSerializer(serializers.Serializer):
         )
         super(PasswordChangeSerializer, self).__init__(*args, **kwargs)
 
-        if not self.old_password_field_enabled:
-            self.fields.pop('old_password')
-
         self.request = self.context.get('request')
         self.user = getattr(self.request, 'user', None)
 
+        if not self.old_password_field_enabled or not self.user.has_usable_password():
+            self.fields.pop('old_password')
+
     def validate_old_password(self, value):
         invalid_password_conditions = (
             self.old_password_field_enabled,