Important information about transfer restrictions before 6 April 2015

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As part of his Budget Statement 2014, the Chancellor of the Exchequer announced that, from 6 April 2015, there is to be greater flexibility in the way that members of defined contribution pension schemes can access their pension pot.

What does this mean for me?

In essence, members of such schemes will be less constrained to purchase an annuity than is currently the case and will have more freedom to choose, in light of their personal circumstances, whether to purchase an annuity, draw down their savings as a lump sum, or keep their pension invested.

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