Retirement income

On Wednesday 19th March 2014 the Chancellor announced, as part of the budget major changes to the pension industry. Some of these changes come into effect on 27th March 2014 and include: 

  • Reducing the amount of guaranteed pension income people need in retirement to access their savings flexibly, from £20,000 to £12,000. 
  • Increasing the capped drawdown limit from 120% to 150% to allow more flexibility to those who would otherwise buy an annuity. 
  • Increasing the size of a single pension pot that can be taken as a lump sum, from £2,000 to £10,000. 
  • Increasing the number of pension pots below £10,000 that can be taken as a lump sum, from two to three. 
  • Increasing the overall size of pension savings that can be taken as a lump, from £18,000 to £30,000. 

These changes provide increased choice and improved flexibility for you at retirement. 

Make an appointment to see one of our team of Financial Planning Managers and they will take the time to understand your financial situation, then give you clear, straightforward advice, please call 0800 328 7812

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