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Pensions

Radical changes to pension legislation have come into effect following the March 2014 Budget.

These proposals gave defined contribution (Personal Pension) savers, more freedom, choice and flexibility than ever before, as to how they manage and access their pension savings.

Anybody of pension age will be able to draw as much, or as little, from their pension savings as they choose at any time. 25% of funds will still be tax free, and the balance will be taxed as income in the year it is taken.

The above changes improve choice for more investors who may otherwise have been forced to receive very small regular pensions for life, with limited ability to shop around for the best annuity. In all cases, up to 25% of the lump sum can be paid tax-free with the balance taxed as income.

 

For the latest Tax Rates and Allowances see Current Tax Rates and Allowances

 

 Keith Bush & Associates

 

 

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