Budget 2014: Removal of restrictions on pensions access will net govt £1.2bn a year by 2019

From April 2015, the government plans to allow anyone over the age of 55 to take their entire pensions pot as cash, subject to their marginal rate of income tax in that year. It said the change would have a huge impact on the tax people pay as it would encourage more people to withdraw pensions savings. It is estimated the move would raise £320m in 2015/16, £600m in 2016/17; £910m in 2017/18 and £1.2bn in 2018/19. It said its plan to offer all DC scheme members access to free and impartial face-to-face guidance on the range of options available to them at retirement would cost £20m...