HMRC gives guidance on transitional arrangements for pension freedoms

The changes described in the guidance allow retirees longer to decide how to access their pensions - and mean they will need to take their tax-free lump sum before 6 April 2015 and the associated pension before 6 October 2015 for these temporary rules to apply. HMRC's guidance is in reaction to the chancellor's announcement in the March Budget of radical, far reaching reforms to pensions, saying "no one will have to buy an annuity" in the future. > Read: Budget 2014: Osborne unveils 'radical' pension reforms < From April 2015 everyone in a defined contribution (DC) scheme will be ...