The Chancellor called it “the most far-reaching reform to the taxation of pensions since the regime was introduced in 1921,” others have called it “the death of the annuity”, with specialist provider Partnership Assurance’s share prices falling 55 per cent on Budget day. Beyond the speculation we do know that, following the reforms, retirees will be in a position where they can take their whole pot as cash, only paying income tax on 75 per cent, and free to blow it however they choose.
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