BABY BOOMERS hoping to line their retirement nests with an income from a second property following changes to new annuity rules could be hit with massive five-pronged tax bills.

That’s the stark warning from PwC on the eve of the annuity reforms which kick-in from April 2015 which will, for the first time, enable people to unlock and withdraw their pensions in one lump sum. But those tempted by property could face…