Pensions can be a very complex area of financial planning and this is an area that has seen major changes following the recent budget. Recent changes now mean that more people will have more flexibility and access to their pension pot and this is an area that we can help with.
From April 2015, people aged 55 and over will only pay their marginal rate of income tax on anything they withdraw from their defined contribution pension – either 0%, 20%, 40% or 45%. From April 2015, from age 55, whatever the size of a person’s defined contribution pension pot, the Government are proposing that they’ll be able to take it how they want, subject to their marginal rate of income tax in that year. 25% of their pot will remain tax-free.
There will be more flexibility. People who continue to want the security of an annuity will be able to purchase one and people who want greater control over their finances can drawdown their pension as they see fit. Those who want to keep their pension invested and drawdown from it over time will be able to do so.
With state retirement ages set to rise, the pension changes in the budget and the introduction of Auto Enrolment now has never been a better time to review your retirement provision.
At Phil Anderson Financial Services we offer independent pension advice and can help clients approaching retirement look at the options available to them and also review clients existing pension policies. We can also help savers plan for retirement and we offer advice to both individual’s and companies on pensions.
Our range of service include –
Personal Pension Advice
Stakeholder Pension Advice
Self Invested Personal Pension Advice (SIPP’s)
Pension Sharing Advice
At Retirement Advice
Pension Fund Withdrawal
Employee Benefits Consultancy
Group Personal Pensions
Work Place Pensions
Auto Enrolment Advice
*Auto Enrolment advice to employers is not authorised and regulated by the Financial Conduct Authority.
And if you would like to discuss workplace pensions or more and what it might mean for you or your business please get in touch.