business - "retirement"

Simplification Of Pension Regimes & The New Tax Privileges Before 6th April, 2006, there was a wide variety of pension regimes. Various governments introduced new legislation to limit the maximum levels of contribution, tax-free lump sum, retirement income, and benefit on death. The tax system was very complicated, because the changes made by new governments were not retrospective, in that, they allowed benefits that were already being built under old rules to continue.