Abstract
The 1995 Finance Act introduced income drawdown as an alternative to annuities. The freedom to vary pensions in payment to suit changing patterns of expenditure through retirement has proved popular among high earners with money purchase benefits. Hitherto members of defined benefit schemes have not shared in this new freedom as many retirees will be unaware of the opportunities available to them. This paper considers the benefits and pitfalls of restructuring a defined benefit entitlement as retirement approaches.
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