Pension Freedom & Choice

Today the Government gave a clear green light to the radical rewriting of the pension rule book. The response to the 2015 'freedom & choice' consultation delivers on the Chancellor's Budget promise of much more DC pension flexibility and provides further detail on some of the changes in store from next April.
 
Today's announcement confirmed: 

• DC flexibility will go ahead      from April 2015.
• A £10k AA will apply after a      client accesses flexibility, to counter abuse of the new freedom.
• The guidance guarantee will      be delivered by a range of independent providers, including MAS and TPAS.
• Tax free cash will stay at      25%.
• DB transfers will still be      allowed - but only after professional advice
• Death benefit tax will come      down from 55% - new tax rate to be confirmed in Autumn Statement.
• Normal minimum pension age is      going up to 57 from 2028.   

Our advisers are working earnestly to ensure that we have solutions in place to make the most of these new opportunities.  Contact Martin Jones or Gareth Davies today to review your pension position