Cashing in pension benefits

Posted on March 3, 2015 by - News, Retirement

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…)

Retirement products

Posted on March 3, 2015 by - News, Retirement

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…)

Payment options

Posted on March 3, 2015 by - News, Retirement

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…)

Defined Benefit transfers

Posted on March 3, 2015 by - News, Retirement

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…)

Defined Contribution Pension Schemes

Posted on March 3, 2015 by - News, Retirement

Building up a pot of money that can be used to provide an income in retirement

With a defined contribution pension, the member builds up a pot of money that they can use to provide an income in retirement. Unlike defined benefit schemes, which promise a specific income, the income the member might get from a defined contribution scheme depends on factors including the amount they pay in and the fund’s investment performance. (more…)