In his March 2014 Budget, the Chancellor announced that there would be significant changes to allow individuals to have greater access to their pension funds from 2015.
The proposed changes have been consulted on during the summer and the Treasury have now published the outcome, together with draft pensions legislation, enabling the new flexible regime to commence on 6 April 2015.
The flexibility will apply to Defined Contribution (DC) Schemes such as Self Invested Personal Pensions. However, it will continue to be possible to transfer funds from certain Defined Benefit (Final Salary) schemes into DC Schemes to allow access to the new flexible rules. An Independent Financial Adviser should be consulted to consider the full implications of this course of action.
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