New provisions on private pensions in the UK

Some details and a comment by Gemma Tetlow (IFS)

There have been two major sets of reforms announced to pensions in the UK recently:

  • The second set (announced in this year’s Budget on 18th March) will for the first time allow people who have already bought annuities to sell these on to someone else. This is supposed to come into effect from 6 April 2016 and would affect anyone who has already purchased an annuity.

Gemma Tetlow (Institute for Fiscal Studies) provided some comments on the effects of the new rules: “Swimming against the tide? Increasing flexibility to withdraw money from private pensions in the UK”