insideKENT Magazine Issue 30 - September 2014 | Page 161

BUSINESS

THE PENSION WORLD
IS CHANGING!

THE CHANCELLOR’S BOMBSHELL BUDGET HAS OPENED
THE DOORS FOR PENSION SAVERS TO HAVE
UNPRECEDENTED ACCESS TO THEIR PENSION POTS.
RETIREMENT CHOICES ARE ABOUT TO CHANGE!
Here are the latest proposed changes being brought in from April
2015 (as well as some that are already here):

draw your pension any time in any amount, but remember 75% is chargeable
to income tax. Planning your encashments will be vital in order to keep
your tax footprint as low as possible.

• You can cash in up to three individual stranded pension pots of
£10,000 or less.
• You can cash in a bigger one of up to £30,000 or less, assuming the
total value of your remaining pension funds are worth less than £30,000.
• If you have a guarant YYY