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 enquiry form .
