On 21st July the Treasury issued its response to the consultation on the new pension drawdown rules announced in the Budget in March, which will, from April 2015, allow individuals to take any amount of their pension left over after any tax free cash has been taken at retirement by paying tax only at the marginal income tax rate.  The government has decided not to force defined contribution pension schemes to allow drawdown, but instead allow them to make use of permissive rules to do so.  In addition, it has decided not to bar transfers from defined benefit to defined contribution schemes, but is going to enact a requirement that members show they have taken independent financial advice before making such a transfer.  The "guidance guarantee", which is the free guidance on the options at retirement to be offered to all pension scheme members with defined contribution savings will be provided by a number of 'delivery partners' notably including two not for profit organisations, the Pensions Advisory Service (TPAS) and the Money Advice Service (MAS) and paid for by a levy on regulated financial institutions.  There had been a fear that the guidance would be paid for by the schemes, and ultimately the employer, but in any event it is likely that the institutions will pass on the levy in higher charges to businesses.