The pension revolution was sprung upon us in March 2014 when the Chancellor, George Osborne, disclosed plans in the budget to liberalise pensions.
Therefore, from April 2015, savers aged over 55 will be able to access their personal pensions with complete freedom. This means that they will be able to take out as much money as they like from their funds, as often as they like instead of having to purchase an annuity (income for life), as was the case for most people in the past.
Under the new rules, savers will have three main choices: withdraw all their pension money immediately; leave it invested and take an income as and when required; or buy an annuity. Please note that withdrawals will be liable to income tax and people who have already bought annuities are excluded.
Please contact us for more information on how these changes are likely to affect your retirement plans.