The pensions crossroads: tax free cash or drawdown?

A-Day heralded the biggest shake-up of the UK pension industry in decades. In the main, it has been successful, although complicated. But for some older pension savers that have protected tax-free cash of more than 25%, they have reached a crossroads. This is because they may be trapped in a scheme that doesn't offer income drawdown, as many older schemes don't. If they want the flexibility of drawdown rather than purchasing an annuity, then they have to transfer out. But to do the transfer, they either have to give up the extra tax-free cash to go into drawdown or buy an annuity from...