Taxation of Pensions Act 2014 comes into force
Implementation date: 6 April 2015
The Taxation of Pensions Act 2014 introduces changes to existing pensions tax rules to allow greater pension flexibility by abolishing the requirement to buy an annuity, as announced at Budget 2014. From April 2015, members of a defined-contribution pension scheme aged 55 and over will be able to access their entire pension fund as they wish. HM Revenue and Customs has published draft Guidance and an Explanatory Note, which set out further details about how the changes will work.