Annuitants given 18 months to reverse decision after Budget changes

It said the extension - from six months - means retirees "will not be put at a disadvantage should they wish to wait to access their pension savings more flexibly". It follows an announcement on 27 March that the government would take action to ensure people do not lose their right to a tax-free lump sum if they would rather use the new flexibility this year or next, instead of buying a lifetime annuity. Under current tax rules, once a tax free lump sum has been taken, individuals have six months before they are required to make a decision regarding their pension, either by buying an ...