From 6 April 2015 the following changes came in to effect;
- Changes to the tax regime mean flexible access to DC savings (depending upon scheme rules or trustee use of overriding powers of payment);
- Reforms to the regime for existing and new drawdown funds;
- Changes to the taxation of pension savings at death;
- A new Money Purchase Annuity Allowance if an individual accesses their pension savings flexibly;
- Minimum age for most individuals taking small pots will change from 60 to age 55;
- Removal of the barrier on transfers that applied if the member’s pensionable service terminated within one year of their NPA.
Please see 44 Publications page for more information on how this effects both DC and DB schemes.