<b>Tax News:</b> HMRC bears down on pension recycling. By Nichola Ross Martin

Draft legislation has been published to prevent what is termed by HM Revenue and Customs as 'pension recycling', in the run up to pensions A-day on 6th April 2006.

Pensions recycling, which is also know as staggered vesting, would involve a scheme member withdrawing their tax-free lump sum from their pension fund, as part of a phased retirement under the new rules of pension simplification.

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