From April 2015 individuals aged 55 and over will have much greater flexibility to access their pension savings in defined contribution pension plans, such as a group personal pension plan.
The changes, which were first announced in the 2014 Budget, will allow individuals unlimited access to their pension savings and a number of choices. Further changes, announced recently by the Chancellor, have also been proposed to the tax treatment of pensions savings left behind at death, making it more attractive for individuals to leave their savings in their pension plan.
All of these changes are set out in the Taxation of Pensions Bill, which was published on 14 October. A summary of the changes can be found by clicking here.