The Treasury response to the Budget consultation on freedom and choice in pensions was published on the 21st July. This announced the proposed changes to pension rules that will take effect from the 5 th April 2015.

These rules will mark a major shift in the way pensions operate in the UK and are designed to encourage increased retirement savings through greater choice for individuals.

It is important to note that these are still proposals and the legislation to enact them will not be finalised until later in the year so there may still be changes.