Small print: What the changes to drawdown mean for your clients

From April 2015, radical changes will apply to the way individuals access funds held in defined contribution pension schemes. Subject to consultation, once they reach age 55, people will be able to take 25% tax free cash and have fully flexible access to the balance subject to income tax at their own marginal rate. This should lead to a wider range of options for clients seeking a retirement income. Consequently, the interim changes to capped and flexible drawdown are likely to have a marginal real impact, despite adding to the complexity of providing advice over the next 12 months. C...