Implementing flexible access to pension savings

With a flurry of reading material and a hailstorm of new acronyms, the draft Taxation of Pensions Bill has been published for consultation. There’s a very short deadline for comments, so it’s important to get to grips with the government’s proposals and contribute to the shaping of the new rules. This briefing provides an overview of the proposals and links to the key documents.

The easiest way to get an overall feel for the proposals is to read HMRC’s draft guidance on the draft clauses, which explains the changes and includes a number of worked examples.

Responding to the consultation will be vital, particularly where the current proposals will cause administrative or practical difficulties for your scheme. As the proposals (including the statutory override) apply to money purchase arrangements generally, they will also be relevant to DB schemes with an AVC facility…

Click on the link below to read the rest of the Allen & Overy briefing.

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