Pensions Matter — April 2014: Budget 2014 — pension changes

In his recent Budget, George Osborne announced significant changes for pensions in regard to members of defined-contribution (DC) schemes in connection with when they can access their pension savings. The changes represent a ‘needle-moving event’ from the previous requirement that, upon retirement, members must purchase an annuity. Further, there has been a significant relaxation in tax charges that are applied when members withdraw their funds upon retirement.

The changes will be staggered. However, transitional changes have already commenced (27 March 2014). The wider changes are proposed to come into effect around April 2015. That said, they are still subject to a consultation paper, until June 2014…

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