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Sipp provider Suffolk Life has reported a significant increase in the number of capped drawdown applications in the lead up to 6 April when the opportunity to set up new plans disappears.
The recent Budget announcement by the Chancellor that he would reduce the Grand Old Duke of Pensions - the lifetime allowance (LTA) - to £1m from 6 April 2016 will mark the eighth change in the LTA since its introduction in 2006 and this excludes personalised LTA afforded by certain forms of protection.
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The alleged sale of sensitive pensions data to cold calling companies ahead of the new pension freedoms arriving on Monday (6 April) is to be investigated by the Information Commissioner's Office.
A "sting in the tail" could be looming for flexible drawdown clients who could face a HMRC fine of £300 or more.
The Financial Conduct Authority is proposing a pensions dashboard allowing consumers to see all their pension pots in one place, following a study on retirement income it carried out last year.