QROPSreview.com has previously reported on the new pension rules proposed by George Osborne in his March 2014 Budget Statement. Much of the media was left scrambling to detail this so called hammerblow to the status quo. Many column inches were filled celebrating the end of the annuity.
As we explained, the reality was a little more mundane than the tabloids might have had you believe.
Now, four sobering months and an industry consultation later, the Chancellor has released updated guidance on what the new rules will mean in practise. He also took the opportunity to outline some of the new pieces of legislation which he feels will be needed.
It is probably a good idea to begin with the changes to the annuity rules. The current 10 year limit to annuity guarantees (whereby certain annuities will continue to pay out to a spouse in the event of death within the specified term) will be lifted, though likely not abolished. Read More