Synopsis: Government announce relaxation to rules on timings of drawing PCLS with pension income

Steve Webb has announced that the government is to change the current rules that require the income from a pension to be taken within 6 months of the pension commencement lump sum being drawn.

The government intends to include legislation in Finance Bill 2014 to ensure people do not lose their right to a tax-free lump sum if they would rather use the new flexibility this year or next, instead of buying an annuity.

When the full details are announced we will issue a further bulletin.

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