The recent publication of the draft legislation of the Finance Bill 2011 followed an announcement in June of significant changes to the way in which pension schemes are operated.

The most important changes are in the Annual Allowance (AA) and the Lifetime Allowance (LTA) and these have been trailed over the past few weeks.

However, changes involving the removal of the “requirement to annuitise by age 75” were subject to consultation and have just been announced for the first time.