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<p>HM TREASURY</p><p> </p><p> </p><p> </p><p>Gregg McClymont MP</p><p> </p><p><strong>CUMBERNAULD,
KILSYTH AND KIRKINTILLOCH EAST</strong></p><p> </p><p>To ask Mr Chancellor of the
Exchequer, what comparative analysis he has carried out of the effects of the changes
to pensions set out in the 2014 Budget on men and women. [195427]</p><p> </p><p>DAVID
GAUKE</p><p>At Budget 2014 the Chancellor announced changes which increase the flexibility
of pensions, some of which took effect on 27<sup>th</sup> March 2014.</p><p> </p><p>The
increases to the small pot and trivial commutation limits are believed to benefit
women proportionately more than men, as they are more likely to have smaller pension
wealth. Reducing the minimum income requirement for flexible drawdown is also expected
to have a disproportionate impact on women, as they are less likely to have a large
pension pot than men.</p><p>HMRC's Tax Information and Impact Note presents further
information on the estimated impacts of the 2014 changes:</p><p><a href="https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/293844/TIIN_8070_8062_8202_8132_8133_increasing_pension_flexibility.pdf"
target="_blank">https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/293844/TIIN_8070_8062_8202_8132_8133_increasing_pension_flexibility.pdf</a></p><p>
</p><p>The proposed 2015 changes will enable individuals to access their defined contribution
pension savings as they wish at the point of retirement, subject to their marginal
rate of income tax (rather than the current 55% charge for full withdrawal). The changes
the Government proposes will entitle everyone to full flexibility regardless of their
gender.</p><p> </p>
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