Pension Changes in April 2015

In Budget 2014, the Chancellor announced the most sweeping changes to pensions for years. The changes will take effect from April 2015. The main changes are:

  • Freedom on what you do with your pension fund from age 55 years
  • Withdrawals from your pension fund are no longer restricted
  • Change to the tax paid when you leave your pension funds to your beneficiaries
  • Transfer from a Company Pension to a Personal pension to take advantage of changes
  • Free guidance from the Pensions Advisory Service on pension options at retirement
  • The age at which you can draw your pension will rise from the current age of 55 to 57 in 2028
  • Maximum contributions to Personal Pensions remain at £40,000 pa but may be restricted.

 

The Pension changes open up a number of financial opportunities in a complex area. To fully take advantage of these, we strongly advise that you seek professional advice from a fully qualified and regulated Independent Financial Advisor. To arrange for a no obligations, initial free telephone consultation click here.