PBR: Pension rule simplification will aid DB members

Following changes introduced on A-Day, a standard tax-free lump sum entitlement of 25% of the individual's pension benefits could be gained. Those members who were entitled to a lump sum larger than 25% could protect this higher amount. If they chose this option, they would receive an additional 25% of any money built up after A-Day in addition to their protected amount. However, according to pensions provider Standard Life, this rule is complex to operate for members of defined benefit schemes as there is no specific fund for each individual member which led to mistakes in the amount be...