Pensions – age 75 changes
New pensions draft legislation has been published, to ensure the removal of the requirement to annuitise by age 75, works as intended. With effect from 6 April 2011, the effective requirement to annuitise at age 75 has been removed.
The newly published regulations are as follows:
- Transfers of Sums and Assets regulations – These regulations make amendments to the existing regulations providing for transfers from a drawdown arrangement to another drawdown arrangement.
- Relevant Annuity Regulations – The regulations contain minor consequential amendments to existing regulations.
- Prescribed Manner of Determining the Amount of Annuities Regulations – These regulations contain minor consequential amendments to existing regulations.
The new regulations are in addition to those that have already been published over the last few months relating to age 75 changes and to pensions tax relief.