The government has today published details of the changes it intends to introduce to remove the effective requirement to annuities by age 75 from 6 April 2011.
The Treasury said it hoped the legislation would allow individuals with DC pension savings from which they had not yet taken a pension to defer the decision to take benefits from their scheme indefinitely after 6 April 2011. It said the new rules will also allow individuals with a lifetime pension income of at least £20,000 a year to gain access to their drawdown pension funds without any cap on the withdrawals they may make. And it said it would remove the age 75 ceiling from most lump sums to which entitlement arises. The changes it proposes are: - the ASP rules are being repe...
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