On 19 July the Finance Bill received Royal Assent and became the Finance Act 2011. Within this act are some significant changes which directly relate to pensions.

(a) reduction in the lifetime allowance from £1.8m to £1,5m

(b) reduction in the annual allowance for tax relief to £50,000

(c) removal of the requirement to purchase an annuity

(d) introduction of a new form of drawdown known as flexible drawdown

If you think that any of these changes may be important to you, do give us a ring or arrange a meeting