Our guide to recent retirement income changes

From A-day (6 April 2006), and until recently, legislation required that pension income was ‘secured’ by age 75. This was interpreted as having to buy an annuity by age 75 as the only alternative, alternatively secured pensions was seen as being more of a high net worth solution.  The emergency budget earlier this year announced some welcome changes in the short term and held the promise of future beneficial changes as well. From 22 June 2010, age 75 was replaced by age 77 with the consultation that followed proposing permanent changes from 6 April 2011. While the change to age 77 seems...