Taxation of pensions bill published

Draft legislation surrounding the pensions bill changes announced in the April 2014 budget has now been published.

The Taxation of Pensions Bill states that from April 2015, there will be the option to take multiple lump sums from a pot without having to open a drawdown account. 25% of each lump sum will be tax-free and the remaining 75% will be taxed at the individual’s marginal rate.