Pension Freedom

Pension Freedom - What it means to you!

In April 2015 new regulations which govern pension plans come into force. Many people with existing pension plans can now gain access to them from age 55, either by taking some of the fund, or completely extinguishing it by withdrawal.

Beware however, because not all types of pension can be accessed and some providers of existing Personal Pension Plans have not amended their policies to allow access. If you want or need to access your fund then you may have to transfer to another plan in order to do so. Our Pension Review Service will give you the answers to your questions.

If your current plan allows it, you can, provided you are aged 55 or over:

Take all of your pension fund. 25% of this will be tax free, the remainder may be taxable, depending on your circumstances;
Take some of your pension fund. Again, the first 25% will be tax free;
For smaller funds you have access to the ‘Small Pots’ legislation;

If your current plan does not contain these options, we can arrange a transfer to one that does.

Death Benefits

The treatment of death benefits under some pension schemes and plans has changed. The new regime will encourage leaving your fund to your beneficiaries and they can take the option of a lump sum or, in some circumstances, keeping the pension fund for their own retirement security.

If death occurs before age 75 then the benefits are normally free of tax, after 75 they are normally potentially subject to tax.

Our Pension Review Service will guide you as to how the new rules can improve your family security.

Contact Us Today

Get in contact with us to request more information pension freedom. Call 0113 2300449 or contact us using the enquiry form.

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Latest Client Testimonials

Paul Dodd came highly recommended to my husband and I to manage our pension portfolio. For over 10 years he has updated and managed our substantial fund. Regular meetings keep us informed of the current financial markets and he has made himself available to answer our questions at any time.

Mr & Mrs AL of Wetherby

... We have always found him to be extremely personable, professional and knowledgeable. He takes the time and trouble to keep a careful and regular eye on our investments and is very proactive in assessing and implementing relevant changes ...

My wife and I have used the services of Paul Dodd over many years; he has always impressed us with the attention he has given to our wishes and aims for our financial future before using his expertise to plan forward for when we reached retirement age ...

Phone: 0113 2300 449

Email: paul@pauldodd.co.uk

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