HMT to allow pension transfers for USP users under 55

The NMPA was increased from 50 to 55 in April 2010. At the time, the Treasury made provision to protect people between the ages of 50 and 55 already using drawdown from unauthorized payment charges, but those who moved their pension or bought an annuity were still liable for a heavy tax. Now the Treasury has confirmed investors aged between 50 and 55 using unsecured pensions who wish to transfer will not be hit by the tax charge. Martin Tilley (pictured), business development manager at Dentons Pensions, says: "Common sense has at last prevailed, but this would have been unnecessary i...