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The Finance Act 2011 made a number of changes to pension benefits including the removal of the requirement to take pension benefits by age 75 and the introduction of flexible drawdown. This is a summary of the pension benefit option available on retirement since 6th April 2011.
Reduction in the Lifetime Allowance
The Lifetime Allowance reduces to £1.5 million from April 2012. This is a summary of the main effects.
Protection
Members with scheme specific lump sum protection will be affected by the reduction in the Lifetime Allowance.
Death benefits depend on the pension benefits the member was taking, if any, at the time of their death. This a summary of the options available.
All statements concerning the tax treatment of products and their benefits are based on our understanding of the current law and HM Revenue & Customs (HMRC) practice and are for general guidance only. Whilst every effort has been made to ensure accuracy, no liability can be accepted for any errors or omissions. Levels and bases of, and reliefs from, taxation are subject to change.
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