Pensions became the surprise headline feature of the Chancellor's budget on 19 March 2014.
In the meantime, a number of other measures have or are going to be introduced, some of the significant ones being:
- Introducing increased flexibility for pension scheme members now by, for example, reducing the maximum guaranteed income threshold for access to flexible drawdown from £20,000 to £12,000 and increasing the maximum amount that can be taken out annually from a capped drawdown arrangement from 120% to 150% of an equivalent annuity. Pension schemes will need to be alert to these sorts of changes which became effective from 27 March 2014; and
- Certain other measures to tackle pensions liberation, which include giving HMRC new powers to help prevent pension liberation and to make it easier for it to de-register schemes, whilst protecting professional trustees appointed to sort out liberation schemes.