With the last budget announcing positive changes for pensioners and savers, do you know how this will affect you? As of 6th April 2015, anyone wishing to access funds from their pension will only have to pay their marginal rate of income tax, as opposed to the previous rate of 55%. Accessing the first 25% of your pension remains tax free.
With the amount you can now draw down as one lump sum, or small pot, also increasing from £2,000 to £10,000, it is becoming even more important to seek professional financial advice. At Howell & Co, we can offer impartial guidance on what’s best for you; whether that’s purchasing an annuity; drawing down funds as and when or in one lump sum.