Topic: News

Freedom to pass on an unused defined contribution pension

People with defined contribution pension savings will no longer have to worry about their pension savings being taxed at 55% on death. Commencing from 6 April 2015, individuals will have the freedom to pass on their unused defined contribution pension to any nominated beneficiary when they die, rather than paying the 55% tax charge which currently applies to pensions passed on at death. (more…)

New system to encourage further pension saving

Currently someone in income drawdown cannot receive tax relief on future contributions. To encourage further pension saving under the new system: (more…)

Tax rules amended to allow greater innovation

The tax rules will also be amended to allow innovation in retirement products. This is happening in a number of ways: (more…)

Defined benefit pension schemes beyond 6 April 2015

The transitional rules on triviality and small pots will continue to apply to defined benefit pension schemes beyond 6 April 2015. The minimum age for accessing pension savings in this way will reduce from 60 to 55. (more…)

Safeguards to protect pension benefits

Transfers from defined benefit schemes to defined contribution schemes will continue to be allowed (but will exclude pensions that are already in payment). However, transfers from defined benefit schemes to defined contribution schemes will be restricted for members of unfunded public sector schemes, although you may be allowed to transfer in very limited circumstances. (more…)