Our statement explaining how FCA rules on cancellation rights, to complement an HMRC statement about how tax legislation applies to tax-free pension lump sums. A consumer accessing tax-free cash in itself does not trigger cancellation rights under our rules.Our rules do not exempt firms from HMRC requirements. In making that choice, firms should consider the interplay with tax legislation.Taking a PCLS and designating funds for drawdown are two separate activities. Also, PCLS can be taken with an annuity.We understand that firms have adopted varying approaches to structuring PCLS. Our rules do not prevent a pension provider from choosing to offer cancellation rights in their contracts in additional circumstances beyond those set out in our rules.