The hugely anticipated and well documented pension reforms came into effect yesterday (6 April). No longer will savers be limited in how they can access their defined contribution pension savings. No longer will they need to fear the 55 per cent special death tax when pensions are inherited. It seems an appropriate time then, to recap the broad changes and clarify the new position of pension savers.

The principal changes

Previously drawdown was either capped by reference to notional annuity rates or could be flexible provided that a minimum income requirement wa...

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