Budget — where we are now
By Richard Lee
The government has published its response to its Freedom and Choice consultation issued as a result of the Budget. There will be a new statutory override. Its aim is to ensure that defined-contribution schemes, which would otherwise be unable to offer full pot withdrawal, will be able to do so using the new provisions.
The government intends to consult on whether to allow full or partial withdrawal of funds under defined-benefit schemes.
Normal minimum pension age will go up from age 55 to age 57 from 2028…
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Briefings from Wragge Lawrence Graham & Co
The government has announced it will introduce a requirement for many companies to report on payment practices, and a hardening of the Prompt Payment Code on payment terms.
The statutory regime covering workplace pensions will be transformed in April 2015.