No need to take pension benefits at age 75

There is now no longer a statutory requirement to take pension benefits before reaching age 75. This means you are no longer forced to purchase an annuity or move into unsecured pension (drawdown). However, there is still a requirement to undertake a benefit crystallisation test at age 75.

Additionally legislation has been changed to remove the age 75 restrictions on the following benefits:

• Pension commencement lump sum
• Serious ill health lump sum*
• Trivial lump sum
• Wind-up lump sum
• Pension protection lump sum*
• Annuity protection lump sum*
• Death benefits lump sum*