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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