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Pension flexibility extended but advice restricted to FCA regulated firms

Pension flexibility extended but advice restricted to FCA regulated firms

Increased flexibility on pensions announced in the UK Budget earlier this year will be extended to those with defined benefit pensions, the Government confirmed today, but advice will be restricted to only FCA-authorised firms.

The changes, which shocked the UK finance industry when announced by Chancellor George Osborne in March, remove the requirement for retirees to purchase an income stream whether that be an annuity or through phased drawdown at retirement.

Please link to International Adviser to read the full article by Simon Danaher

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