In March 2014 Chancellor of the Exchequer George Osborne announced several radical changes to the ways you can manage and access your pension. These changes were confirmed in the Taxation of Pensions Bill published on October 14, and will take effect from April 2015. The new pension rules have been designed to give savers greater control over their money going into retirement. The changes also abolish pension 'death tax', cover free guidance for savers and new restrictions on private pension contributions. If you are nearing retirement, it is important you take these changes into account. The biggest change was the proposal to allow individuals aged 55 or above to take the whole of their pension pot as a cash lump sum from April this year. Currently, although you don’t have to buy an annuity with your pension pot you are not allowed to withdraw it all as a lump sum unless it falls under specific rules governing 'small pots'. There are a range of op
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