With the recent introduction of the Pension Freedom Rules, significant changes have been made giving far greater flexibility over how you can access your pension. The main changes are:
- You can withdraw any amount from your pension from the age of 55 (subject to tax charges).
- You can pass your pension on to other generations.
- You do not have to buy an annuity.
- The ‘Death Tax’ has been abolished.
To discover how these rules may affect you, contact our office today to speak to one of our Wealth Managers.
SOLUTION? Putting as much into your pension… however; the yearly allowance for pension contributions is £40,000 and the lifetime limit for value of tax free assets in a pension is £1,030,000 from April 2018.