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The pension world is changing! Even if you are years away from retirement, the pensions reforms are going to have a big impact on your future and millions could end up worse off than under existing rules. It is therefore crucial you understand the changes and tax planning opportunities available.

The principle changes

The new rules come into effect from April 2015 and are, on the whole, beneficial, but there are also a number considerations you must make.

The principle changes are:

  • No need to take an annuity on retirement or at age 75
  • The potential for people aged 55 or above to withdraw all or part of their pension fund
  • Monies taken will be part tax-free cash with the balance treated as income
  • Ability to pass on pension funds to any beneficiary on death
  • Take partial benefits from pension funds

Tax planning opportunities

All of this opens up exciting tax planning opportunities, both as regards income tax and inheritance tax. Careful tax planning around income requirements can reduce income tax.

Free seminar: Pensions changes 2015 – all you need to know

For more details on the pension changes and their tax implications, please come to our upcoming seminars in Sheffield, Doncaster and Northampton. The events are free to attend with refreshments and free parking available.

Who should attend?

  • Previously disengaged pension savers
  • Pension savers with bad/poor experience of advice or performance
  • “I’m not putting my money into a pension because I can’t get it out” pension sceptics
  • Anyone with a pension or think they should have one
  • Anyone approaching retirement
  • Anyone in retirement

 

Nigel Smith is responsible for the Wealth Management company within Hawsons, providing Independent Financial Advice to individual and corporate clients.  For more details and advice, please contact Nigel on [email protected] or 0114 266 7141.

Our offices

Pegasus House, 463a Glossop Road, Sheffield, S10 2QD

5 Sidings Court, White Rose Way, Doncaster, DN4 5NU

Jubilee House, 32 Duncan Close, Moulton Park, Northampton, NN3 6WL

Sheffield

0114 266 7141

Doncaster

01302 367 262

Northampton

01604 645 600

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