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When Chancellor George Osborne delivered his 2014 Budget on 19 March, he said it was a Budget for "the makers, the doers and the savers".
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A number of changes announced in the 2014 Budget give pensions more flexibility.
Employees can choose to take their pension wealth as a lump sum, drawdown or as an annuity.
New tax rules will help provide greater flexibility.
A guidance guarantee will ensure pension members get advice on how to make the most of the new options.
It contained some far-reaching reforms to how members of defined contribution (DC) pension schemes will be able to access their savings. The biggest change is that, from April 2015, DC scheme members will no longer be required to buy an annuity, but can instead take their pension wealth as a lump sum, drawdown or as an annuity.
The government also introduced a new requirement for everyone retiring with a DC pension pot to receive free and impartial guidance on their choices around how to use their retirement savings.
Osborne said: "Thirteen million people have defined contribution schemes, and the number continues to grow. We've introduced flexibilities.
"But most people still have little option but to take out an annuity, even though annuity rates have fallen by half over the last 15 years.
"What I am proposing is the most far-reaching reform to the taxation of pensions since the regime was introduced in 1921."
So what are the changes?
Maximum lump sum increased
From 27 March 2014, the maximum lump sum that an employee can take from a pension pot increased from Pounds 18,000 to Pounds 30,000.
The cash received is known as a trivial commutation lump sum.
This change adds flexibility to how pension scheme members can access their savings by increasing the total pension wealth that employees can have before they are no longer entitled to receive lump sums.
However, employers should be aware that the increase is subject to individual pension scheme rules.
Small pots
The number of small pots from which lump sums can be taken also increased on 27 March. Previously, 100% cash lump sums could be taken from only two pots; this has now increased to three.
The tax-free amount...