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08 July 2010
Draft technical guidance
HMRC have published draft technical guidance on the new interim pensions and inheritance tax rules contained in the latest Finance Bill.
In brief, members of registered pension schemes who reach age 75 on or after 22 June 2010 will not have to buy an annuity or secure a pension income until they reach the age of 77.
The transitional rules will allow all such members to defer their decision on what to do with their pension savings until the new rules are finalised in 2011.
The document explains how the new rules will apply to members of registered pension schemes who reach age.
