Protected rights: Where are the planning opportunities?

Millions of people would have built up sizable pension savings over the years through ‘contracting out' of the state second pension (previously SERPS), known as ‘protected rights'. The way in which benefits can be provided from protected rights savings will change on 6 April 2012 such that all money purchase savings will have the same benefit rules applied to them. This change will create significant advice issues for clients approaching retirement. In many, but not all cases, clients will benefit from delaying taking their retirement income benefits until after 6 April 2012. A sum...