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.