From April the 5th Pension rules change.

Once you reach age 55:

  • You no longer have to buy an annuity – (an income for life in exchange for a cash lump sum)
  • You can take the whole pension pot – 25% will be tax free the rest will be subject to income tax at either 20,40 or 45%.
  • You can take part or all of your pension either phasing down or taking an income whilst leaving your pot invested.
  • If you die before 75 the whole pot can be passed onto any nominated beneficiary without any tax charge.
  • If you die after 75 the whole pot  can be passed onto any nominated beneficiary but there will be a tax charge.
  • Those who have already bought an annuity are to get the same flexible options – full details to be announced.


Few people are aware of their options

  • How will the choice they make impact on their current tax liabilities, their future income and financial security.
  • What are the risks, what are the benefits.


The information provided above is for guidance only and should not be considered to be personalised advice. If you would like to know how these changes may benefit or effect you, please call to arrange an initial meeting at our cost.