![]() ![]() Accessing the whole of your pension – and taking the entire amount as a lump sum, paying no tax on the first 25%, with the rest taxed as if it were a salary at your income rate. ![]() There were also changes to who could receive death benefits and how they are taxed. In summary, the key pension rule changes gave anyone aged 55 and over the freedom to access their pension however they wanted. In 2015, the UK government introduced a number of changes around ‘pension freedoms’ that provide retirees with greater access to their pensions. What are the current pension rules? Pension freedoms Pension rule changes could affect your circumstances – whether you are building your pension, thinking about retirement or already in pension drawdown. If anything, pensions have become more complex.Īltogether, it’s an area that warrants close attention. In fact, in the 15 years between April 2006 (with the heralding of ‘pension simplification’ rules) and March 2021, there have been 28 Budgets and Autumn Statements with no less than 24 including changes to pension rules. If you have a higher income, multiple or large pension pots or more complex requirements, retirement planning and pension drawdown can be even more complicated – and there are a lot of pension rules to follow.Īs well as being complex and numerous, the rules around pensions can change every year with the government’s Budget Statement. To many people, pension rules seem like a minefield, full of traps and pitfalls for the unwary. I have read and understood the legal information and risk warnings.īy clicking the 'Accept' button, you agree to abide by the terms and conditions listed below. I confirm that I am one of the categories of professional mentioned above, and that where applicable I am authorised and regulated by the Financial Conduct Authority or equivalent regulated body given my jurisdiction, location, and profession. The website is for information purposes only and is not to be construed as a solicitation or an offer to purchase or sell investments or related financial instruments. Please visit our homepage for information and resources for private clients. ![]() It is not intended for direct use by private investors or onward distribution to retail clients or the general public. The information in this area of the website is aimed at financial advisers, corporate service providers, wealth advisers, and legal and accountancy professionals. Please note these are subject to change at any time. ![]()
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