Other changes being introduced include:

  • A new money purchase annual allowance of £10,000 for those who have flexibly accessed their DC benefits
  • A “permissive override” allowing DC trustees or managers to pay benefits in line with new flexibilities even if not currently permitted by the scheme rules
  • Changes to the tax treatment of death benefits
  • A requirement for DC trustees and managers to inform members of their entitlement to free financial advice, via the Pension Wise service provided by the Government, prior to deciding how to draw their DC benefits.