Getting more from pensions

The coalition is pressing ahead with changes to pension retirement benefit rules from April this year rather than next. Although the rules are potentially operational from April they will not become law until Royal Assent of the 2011 Finance Bill in July. The changes will sweep away alternatively secured pensions and replace them with a new form of capped income drawdown that will run from age 55 until death. Withdrawals will range from 0 to 100% of the basis amount, which roughly represents the single life annuity that can be bought with a fund at any given age. Alongside the new ...