This Act introduced extensive reforms to the UK pension system, including allowing greater freedom over how individuals access their defined contribution pension savings. It empowers pensioners to withdraw their entire pension pot as a lump sum, access flexible drawdowns, or purchase an annuity without tax penalties. The legislation aimed to provide more control and choice in retirement planning, addressing the need for flexibility and modernising the pension framework to reflect changing societal and economic conditions. Key features include the creation of the guidance service Pension Wise and enhanced protections against pension scams.
LexisNexis traffic light system shows the status of legislation and cases so you are always using up-to-date law while historical versioning and legislative timelines lets you see exactly what has changed in legislation over time.
TAKE A FREE TRIALThis Act introduced extensive reforms to the UK pension system, including allowing greater freedom over how individuals access their defined contribution pension savings. It empowers pensioners to withdraw their entire pension pot as a lump sum, access flexible drawdowns, or purchase an annuity without tax penalties. The legislation aimed to provide more control and choice in retirement planning, addressing the need for flexibility and modernising the pension framework to reflect changing societal and economic conditions. Key features include the creation of the guidance service Pension Wise and enhanced protections against pension scams.
LexisNexis traffic light system shows the status of legislation and cases so you are always using up-to-date law while historical versioning and legislative timelines lets you see exactly what has changed in legislation over time.
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