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Thursday July 27th, 2017 

News Archive - April 2015

Freedom!

8/04/2015

As of 6 April 2015, pension freedom has officially arrived.

The repercussions of the changes will be huge. You really should see a financial adviser to let them explain how they will affect you personally. In the meantime, here are a few simple points.

The changes only affect money purchase pensions, NOT final salary pensions like the public sector schemes (NHS, Teachers Pension, Civil Service, local authority schemes etc).

It is still only possible to access your pension flexibly from age 55 onward. If someone offers to get you access to your pension before age 55 - they are a crook.

If you had made retirement plans based on buying an annuity - you may want to revisit them to see if this is still the best option for you.

Your existing pension policies may not be able to offer flexible retirement without needing a transfer into a new policy.

The pension companies are swamped with enquiries and timescales for dealing with requets are much longer than usual. Don't bank on getting access to your pension fund in a hurry, at least not until things calm down a bit.

Your pension provider is not authorised to advise you on your options. You know where to come.

 

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The material here is for general information only and is not intended to be relied upon for individual investment decisions. Appropriate independent advice should be obtained before making any such decisions. Mulberry Financial Ltd does not accept any liability for any loss suffered by any user as a result of any such decision.
The information is based on our understanding of current HMRC rules and practices (as at the news article date) which are always subject to change. Taxation and trust advice and Cash ISAs are not regulated by the Financial Conduct Authority. This site is aimed at UK residents only.
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