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Flexible pension drawdown can be a key part of effective 
tax planning, says Scott Gallacher

31 October 2012

In the last decade, a mixture of hope and frustration greeted the government’s radical overhaul of pension reform in 2006. Not only this, but a sense of irony too – since the project was entitled ‘pension simplification’.

Many of the changes introduced were sensible and long overdue, but ‘simple’ they certainly were not. And it wasn’t left there: governments of both colours (perhaps emboldened by the root and branch changes of 2006) have since introduced several further layers of changes, many of them very complex, and each with its own set of transitional arrangements.

Route master

However, if simplification has eluded us, we have at least seen some additional flexibility. An example of this was introduced just last year: flexible pension drawdown has genuinely enhanced the financial planning of several of our clients.

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