The 2014 Finance Bill - Pensions 31 March 2014 0 comments Share Minimum income requirement for flexible drawdown reduced from £20,000 to £12,000. Capped drawdown limit increased from 120% to 150% of equivalent annuity. Total pension wealth before lump sums cannot be received under trivial commutation rules increased from £18,000 to £30,000. ‘Small pots limit’ on pots that can be taken as a lump sum regardless of total pensions wealth increased from £2,000 to £10,000. Number of small pots that can be taken as a lump sum increased from two to three. These changes are temporary measures pending proposed further liberalisation of pension rules in 2015. New powers for HMRC to prevent ‘pension liberation schemes’ being registered, and other regulatory powers. Individual protection regime on reduction of standard lifetime allowance from 6 April 2014.