What is in a number?

What exactly is SI 2006 No. 568 all about, and what how will it affect pensions? Here are the answers in detail

Prior to pension simplification, flexible lifetime annuities were available as an alternative to conventional and investment-linked annuities. As the legislation was drafted and subsequently enacted, schedule 28 of Finance Act 2004 failed to re-define what would qualify under the new rules as a flexible lifetime annuity. This meant the continuance of existing flexible lifetime annuity products was in doubt unless amendments were made to the legislation. There followed intense lobbying by flexible lifetime annuity providers and other interested parties to correct this. The story goes that ...