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News - 5 January 2015

Retired 'could be given right to sell pension'

From April, working people will be able to cash in their pension savings for a lump sum when they retire.

However, the pensions minister, Steve Webb, has said that although he hasn’t yet got the full cooperation of the coalition, the Department for Work and Pensions were drawing up plans to extend this to existing pensioners.

Lavinia Newman, Founder of ABDS and a business strategist comments:
“His plan would allow pensioners to sell the annuities they had been required to buy under the old rules to the highest bidder, which would allow them a lump sum to spend on what they liked, and could be used alongside other pensions they have accumulated.”

Mr Webb said that although the plan would not be in place by April,
“I would hope that all parties will say that people who have worked hard and built up a pension pot should be given the freedom to do what they want with it, rather than have the government tell them how to spend their own money."

Under the changes previously announced, people reaching retirement age will no longer have to buy a guaranteed annual income, in the form of an annuity.

Labour has said it supports that move in principle, but said scrapping the requirement to take out an annuity altogether was a potentially "reckless and irresponsible" move, which could "leave people running out of money".

As with any tax or tax planning, IHT can be complicated. If you are in any doubt about your position, then you should seek professional advice. Call the ABDS Tax Department and discuss how we can assist you in all of your taxation planning.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients and
mindful of their long term strategic goals

Helping Your Business is Our Business

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