Private Clients

Pensions Freedom

Pensions Freedom

Following the Chancellor George Osborne’s announcement in the budget of March 2014; from April 2015 pension investors have much more flexibility.

As of April 2015, pension investors aged 55 and over are now able to draw from their defined contribution pension fund, exercising a range of flexible options to suit their circumstances. This provides far greater freedom than before. In place of the old rules, which limited the amount a pension investor could withdraw from their pot and required many investors to purchase an annual income through an annuity, pension investors are now able to take out as much as they like as often as required, for as long as their fund lasts.

This may be an attractive option for many pension investors; however caution is required because although 25% of the available fund can normally be withdrawn tax free, the balance of any money withdrawn will be subject to income tax at the individual’s highest marginal rate.

There may also be other implications with regards to death benefits, entitlements to state benefits and long term care planning, to name a few. https://www.money-wise.co.uk/private-clients/pensions-freedom/ https://www.money-wise.co.uk/private-clients/pensions-freedom/Therefore careful planning is required before making any pension withdrawals.

It is clear however, that for many individuals, the new freedoms will bring much greater flexibility to their retirement planning and these changes will alter the way that millions of people deal with their pensions. Each and every person with a pension scheme will need to review their financial planning accordingly.

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Pensions Freedom
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