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 […]
Pension lifetime allowance In an unexpected announcement, the maximum value of pension wealth which can be accumulated without incurring a 55% tax charge is to be reduced from £1.25 million to £1 million with effect from April 2016.
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 […]
No sooner has the ink dried on the dramatic Budget proposals to remove the requirement to buy annuities with accrued pension monies than Ministers start talking about other possible changes – notably reducing the amount of tax relief available on pension contributions. According to figures published by HM Revenue & Customs, higher-rate taxpayers will by […]
The Chancellor’s 2014 Budget heralded a revolution in providing for retirement. Here is a summary of what pension savers need to know. Reasons for the 2014 Budget changes The objective of the Budget changes is to remove the need for pension savers to apply their pension pots to purchasing annuities and to enable them instead […]