2020 Guide to Pension Freedoms

2020 Guide to Pension Freedoms

2020 Guide to Pension Freedoms

How will you turn your pension into money you can see?

2020 Guide to Pension Freedoms

You’ve worked hard for your retirement, but before you can start enjoying it, you’ll need to decide how your pension will provide the income you need to live on.

In March 2014, the then Chancellor of the Exchequer, George Osborne, announced a radical reform of the pensions system to give people greater flexibility to access their pension savings. The new pension freedoms took full effect from 6 April 2015 and have given retirees a whole host of new options.



Relaxing the rules

Relaxing the rules

There is no longer a compulsory requirement to purchase an annuity (a guaranteed income for life for a fixed… Read More »

Financial situation at retirement

Financial situation at retirement

The way you draw an income from your pension is likely to be largely determined by your financial situation at retirement… Read More »

Getting ready for life after work?

So you’re approaching the age when it’s time to start thinking about what you’re going to do with the pension money that you’ve been working so hard to save all these years.

To discuss how we can help you access your pension money so that it works for you, don’t delay – please contact Mercier Allen.

To download the full guide please click here.

Source data:

[1] https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/841958/Pension_Flexibility_Statistics_Oct_2019.pdf

INFORMATION IS BASED ON OUR CURRENT UNDERSTANDING OF TAXATION LEGISLATION AND REGULATIONS. ANY LEVELS AND BASES OF, AND RELIEFS FROM, TAXATION ARE SUBJECT TO CHANGE.

TAX RULES ARE COMPLICATED, SO YOU SHOULD ALWAYS OBTAIN PROFESSIONAL ADVICE.

A PENSION IS A LONG-TERM INVESTMENT.

THE FUND VALUE MAY FLUCTUATE AND CAN GO DOWN, WHICH WOULD HAVE AN IMPACT ON THE LEVEL OF PENSION BENEFITS AVAILABLE. PAST PERFORMANCE IS NOT A RELIABLE INDICATOR OF FUTURE PERFORMANCE.

PENSIONS ARE NOT NORMALLY ACCESSIBLE UNTIL AGE 55. YOUR PENSION INCOME COULD ALSO BE AFFECTED BY INTEREST RATES AT THE TIME YOU TAKE YOUR BENEFITS. THE TAX IMPLICATIONS OF PENSION WITHDRAWALS WILL BE BASED ON YOUR INDIVIDUAL CIRCUMSTANCES, TAX LEGISLATION AND REGULATION, WHICH ARE SUBJECT TO CHANGE IN THE FUTURE.

This guide is for your general information and use only and is not intended to address your particular requirements. It should not be relied upon in its entirety and shall not be deemed to be, or constitute, advice. Although endeavours have been made to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No individual or company should act upon such information without receiving appropriate professional advice after a thorough examination of their particular situation. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of any articles. Thresholds, percentage rates and tax legislation may change in subsequent Finance Acts.

  • All content has been sourced from Goldmine Media.

    Content of the articles featured in this publication is for your general information and use only and is not intended to address your particular requirements or constitute a full and authoritative statement of the law. They should not be relied upon in their entirety and shall not be deemed to be, or constitute advice. Although endeavours have been made to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No individual or company should act upon such information without receiving appropriate professional advice after a thorough examination of their particular situation. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of any articles.