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Chartered Financial Planners

Chartered Financial Planners - Independent

Tel: 01332 416585

Chartered Financial Planners

Chartered Financial Planners - Independent

Tel: 01332 416585

Pension changes from April 2015

From April 2015, retirees will have greater freedom to choose how they access their pension savings. This includes being able to take lump sums without incurring a 55% tax charge on withdrawals above the 25% tax-free limit. Instead, withdrawals will be taxed at the person's marginal rate of income tax.

The new rules allow your pension wealth to be inherited by any named beneficiary. 

Death prior to age 75

Taking the pension as a lump sum

Taking the pension as a tax free lump sum.  This is a major change in pensions legislation.  The 55% death tax will be scrapped meaning your beneficiaries can inherit some or all of your fund and do what they like with it.

Income Drawdown

Any beneficiary can continue being paid your fund as income drawdown without incurring a tax charge.

Annuity

Any beneficiary can use the fund and purchase a life time annuity.  Income will be paid tax free.

Death on or after 75

Taking the pension as a lump sum

The 55% death tax charge will be scrapped. Any beneficiary can inherit all or part of your fund that remains and keep it within a pension.  They will pay income tax at their highest rate (i.e up to 45%).  This can be paid as a lump sum or a series of payments.

Income Drawdown

Your beneficiary can continue with the income and pay income tax at their marginal rate.

Annuity

Convert your remaining fund to a lifetime annuity.  The income they receive will be taxed at their marginal rate.

This is an area where it is essential that you discuss the options with us.  With advance planning comes maximum flexibility.

Get in touch to find out more about April 2015 Pension changes.

What our customers say

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I run a successful company and turned to Pete for our pensions auto enrolment. This was completed on time and in budget. As a result he now manages my SIPP. He explained pensions in a simple way to staff and. We meet twice a year or as required to do my review.

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