Only one change was announced in relation to pensions, and this relates to contribution limits. The current annual contribution allowance is £40,000, but this reduces to £10,000 in cases where the pension holder has begun drawing down income (as opposed to tax-free cash) from a ‘money purchase’ pension. This £10,000 limit is now to be […]
Give the Chancellor 8/10 for his April pension reforms New pension reforms came into being on 6th April 2015. The materially greater freedoms that now exist have much appeal, yet they come with greatly increased complexity both in understanding and in execution. On balance these reforms are welcome, but the need for high quality advice […]
Are you planning to retire soon? There have been a number of changes over the last year to the way in which you will be able to take your pension benefits, with more changes to follow in April 2015.
The announcement that the income from a joint lives annuity will be tax-free for the survivor of a marriage or civil partnership has to some extent leveled the playing field between the retirement options of buying an annuity and drawing down income and capital from a pension pot. However, the flexibility and tax-efficiency now available […]
Budget proposals will allow individuals aged 55 or over to draw personal pension savings as a lump sum as from April 2015, and this is prompting employers with occupational schemes to encourage their members to switch to personal pensions to take advantage of the change.