HMRC issued new guidance for pensioners who are immediately wishing to take advantage of the new pensions flexibility measures, as announced in the 2014 Budget.

HMRC new pensions guidance is for people who have:

  • received a tax-free lump sum on or before 27 March 2014
  • either cancelled an annuity contract within the cooling-off period on or after Budget day (19 March 2014) that was linked to that lump sum or
  • not yet decided how to access the rest of their pension savings