Pensions freedom - drawing from your pension
The changes revealed a little over two years ago in the 2014 Budget were described by some retirement planning experts as a pensions revolution. The radical proposals came as a surprise and were designed to alter the retirement landscape by breaking the link between pensions and annuities.
The reforms have now made their way into many pages of legislation, although there are still minor refinements being made, witness this year’s Budget. Further, even more fundamental changes to the tax treatment of pensions have been kicked into the long grass, but may yet reappear. This uncertainty means that as far as possible, you should build flexibility into any plans you make.