Hargreaves Lansdown

2015 Pension Rules Changes - free factsheet

Budget 2014 pension changes

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They're possibly the most radical pension reforms in almost a century. Up to 18 million people are affected. This factsheet explains concisely and in plain English the changes and how they could affect you.

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Take your whole pension as a lump sum and other changes explained

This factsheet reveals:

  • How to take a whole pension as a lump sum
  • How to take the tax-free cash
  • How to pass on a pension tax-free
  • The changes still to come and when they will happen
  • What the drawbacks are

Plus, changes announced in summer 2015:

  • New opportunity to invest more this year and get extra tax relief
  • Why some high earners can invest just £10,000 from next year

quoteThe most radical changes to pensions in almost a century

George Osborne

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Our factsheet is based on our current understanding of the rules. It is a broad summary and cannot cover every nuance. You should not take, or refrain from taking, any action based on this information. Tax treatment can change and depends on your individual circumstances.

Please remember, taking money out of a pension will impact standards of living in retirement. This information, like our service is not personal advice. If you are unsure an investment is right for you, contact us and we can put you in touch with an adviser. The value of investments can fall as well as rise so you may get back less than you invest.

HL pension and investment awards

What you do with your pension is an important decision. Therefore, we strongly recommend you understand your options and check they are suitable for your circumstances: take appropriate advice or guidance if you are unsure. Our service is not personal advice. We offer a range of information to help and independent financial advice if requested. Alternatively, Pension Wise, the Government's new pension guidance service, provides a free impartial service to help you understand your options at retirement. It's available at www.pensionwise.gov.uk, by calling 030 0330 1001, or face to face.