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Published on : June 5, 2014 11:45

Protecting your mortgagePension reforms announced in the Chancellor’s budget look set to have a significant impact on how savers need to begin planning for retirement, with more flexibility on when and how you can access your funds.

  • From April 2015, Investors aged 55 or older can withdraw more than 25% of their pension as a lump sum.
  • The maximum yearly limit Drawdown Investors can draw has now increased by 25%.
  • Investors can make uncapped, unlimited withdrawals from their pensions through Flexible Drawdown, subject to qualifying criteria.
  • Investors over 60 years old with total pension savings of under £30,000 may now withdraw them as a lump sum.

With these new flexible pension rules either already in place or due to be implemented, it’s now even more important to get professional advice on how to plan for your retirement in order to make your pot as profitable as possible and avoid any potential tax implications.

Edward Mellor are now offering FREE Pension Consultations to anyone looking for advice on how to get the most out of their retirement. Simply complete and send the form below and we’ll contact you to arrange your appointment.

 

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