This year's Budget has grabbed the pensions headlines. The implications for pensions are likely to be significant, with consequences for defined contribution (DC) schemes and, indirectly, for defined benefit (DB) schemes. Will the changes be more far-reaching than the headlines have anticipated?

This year's Budget changes in respect of pensions have had a lot of coverage but, in summary, can be split into two blocks: the 27 March 2014 changes and proposed reforms scheduled to take effect in April 2015.

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