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Pension changes

Call us for a free chat on 0800 032 9301

Lines open: 8.30am to 6pm Monday to Friday

Freedom and choice with your pension income

Back in the 2014 Budget, the Chancellor announced a series of changes that significantly impact the decisions you face at retirement. If you are 55 or over with pension savings in a defined contribution plan you now have more flexibility than ever before.

What does this mean for me and my retirement?

  • You can buy an annuity or leave your pension savings invested and withdraw money whenever you want (with no limits on how much you take or when).
  • You can withdraw all of your money from your pension pot and do whatever you want with it (only 25% will be tax-free, the rest will be taxable).
  • You can take all your pension savings and spend it in any way you choose.

Latest Budget announcement

Read the latest updates on pensions from the government on Love Retirement.

Things to consider

There are other changes too:

  • A new government service called Pension Wise has been set up to give guidance on the options available. To book an appointment call: 0800 138 3944 (8am to 10pm everyday).
  • If you die before age 75 there will be no tax on any benefits payable.
  • On death after age 75, any money paid out will be added to the income of the person who receives it (and taxed accordingly).
  • A new state pension scheme started in April 2016. Most people retiring after this date will receive a flat rate payment of £159.65.

Any references we make to taxation are based on our understanding of current legislation and HM Revenue & Customs practice, which can change.

Green calculator

Pension calculator

  • Enter your pension value and contributions to calculate your pension pot size
  • See what retirement income your pension could give you
  • Find out how to maximise your savings

Have a commitment free chat with a Pension Specialist

Call us on 0800 032 9301

TextDirect: First dial 18001

Lines open: 8.30am to 6pm Monday to Friday. We may record and/or monitor calls for training and audit purposes.

Start your conversation with a pension specialist today by telling us about:

  • Your current pension pots
  • Any contributions you're making
  • How much you've already saved