Transitional provisions included in Finance (No 2) Act 2010. Royal Assent given on 27 July 2010. Draft guidance on transitional provisions issued July 2010
The obligation to purchase an annuity by age 75 has been removed with effect from April 2011. For individuals who reached age 75 between 22 June 2010 and April 2011, the deadline for annuitisation was extended to age 77.
In the transitional period to April 2011, statutory overrides enabled managers and trustees to treat individuals reaching age 75 on or after 22 June 2010 as if they were not yet 75. Benefits still had to crystallise at age 75 but could be designated as unsecured pension funds.