How The Budget Affects Your Pension Options
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Whilst many people will be happy that the duty on beer has been reduced by a penny and that fuel duty has been frozen, yesterday's (19th March) budget was a game changer for anyone with even the slightest interest in pensions and savings. The chancellor's plans to reshape pension rules means that pension options will become more flexible, which is even more reason why people will need to seek independent financial advice.
Currently, most pension providers allow contributors to take a lump sum at the age of 55 with the balance normally being used to buy an annuity. However, under the government's proposals, from April 2015, anyone can opt to take their entire fund as a lump sum, albeit, if they did, 75% would be liable for tax. Whereas an annuity provides an income for life, some people may now be tempted to take the money, without much thought for how it must provide for the long term, and end up frittering it away. Equally, it could result in people taking the money but then being too cautious to invest it wisely for their retirement, which is why professional independent advice is essential for anyone who wants to make the reforms work in their favour.
If you're unsure of your options, an independent financial adviser (IFA) will be able to help you and our FCA registered IFAs will be able to advise you on all aspects of your financial planning. IFAs are required by law to recommend the best products for your individual circumstances and you can be sure of a wide choice from the whole of the market. There will be no hard sell and no obligation to proceed with any of their recommendations. For more on why you should see one of our IFAs, please click here or just complete the form on the right to find an IFA in your area.
Published 20/03/2014 @ 16:17

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