The new pension rules that came in to affect in April 2015 enabled those over 55 to take as much money as they like out of their Defined Contribution schemes. Under the pensions changes, the first 25% will remain tax-free. Holders will be liable for income tax on the rest.
With the new pensions freedoms and other changes, one thing is certain; receiving proper and expert independent financial advice on what to do with your pension has never been more important.
With the new freedoms, planning what exactly should happen with your pension pot throughout your retirement is vital. Doing so means that not only can you make sure you are saving for retirement, but also that you can be sure you’re able to spend your pension doing whatever you had planned for it when you started saving.
TKV Financial Management have over 18 years experience in pension advice.
Contact us today for a free initial consultation.