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News - 15 October 2014

The Treasury sets out new pension rules

The Treasury have published new pension freedoms in their Taxation of Pensions Bill.

Under current rules, from the age of 55 people can take 25% of pension savings as a tax-free lump sum, but with the new arrangements people will be able to dip into their pension pot when they want, and each time 25% of what they take out will be tax-free.

Chancellor George Osborne said: "People who have worked hard and saved all their lives should be free to choose what they do with their money, and that freedom is central to our long-term economic plan. From next year they'll be able to access as much or as little of their defined contribution pension as they want and pass on their hard-earned pensions to their families tax free.”

Lavinia Newman, founder of ABDS and a business strategist comments:
“The government have extended the options allowing people to take a series of smaller lump sums instead of one larger one. The changes have the potential to help millions of pension savers make better use of their pension funds.”

Pension’s expert Dr Ros Altmann said: "Being free to access their money freely as they need to, rather than being forced to buy particular products, will be very popular, however people need to know that their pension provider will allow them to take advantage of the new freedoms."

The government announced earlier this year that about 320,000 people would get the freedom to access pension pots flexibly without being hit with punitive tax rates.
 

Individuals will also be able to pass on their unused defined contribution funds to a nominated beneficiary when they die, rather than paying the 55% tax charge which currently applies.

If you need any help and advice on Inheritance tax, capital gains Tax, or any other implications with Stocks and Shares, don’t hesitate to contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help in all your financial planning.
 

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients and
mindful of their long term strategic goals

Helping Your Business is Our Business

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