Synopsis: The promised draft legislation in respect of the Taxation of Pensions Bill has been issued for a technical consultation.

Date posted: Wednesday, August 06, 2014

In the 2014 Budget, the Government announced proposals to allow (from April 2015) people aged 55 and over, access to their money purchase pension savings as they wish during retirement, subject to their marginal rate of income tax. The consultation document, ‘Freedom and Choice in Pensions’ which was published on 19 March 2014, set out a key part of a wider set of reforms announced at Budget 2014 and invited comments. A summary of the responses to that consultation was published on 21 July 2014.

The Government announced that the required tax changes would be made in an autumn Taxation of Pensions Bill and that draft legislation would be published for a four-week technical consultation at the beginning of August. These have now been published for consultation. Comments on the drafts should be sent by email to Pensions Policy by 3 September 2014.

The documents of interest are:

• Pension Flexibility: (Draft) Taxation of Pensions Bill

• Pension Flexibility: Draft Guidance

We will look at the detail of these in the next few days.


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