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. They could affect everyone, whatever your age. 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 your whole pension as a lump sum
  • How to take the tax-free cash
  • How to pass on your pension tax free
  • When this is happening
  • How you could be affected
  • What the drawbacks are

quoteThe most radical changes to pensions in almost a century

George Osborne

Our factsheet is based on our current understanding of the Taxation of Pensions Bill, the Pension Schemes Bill and the Autumn Statement announcement. 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 circumstances.

Please remember, taking money out of a pension will impact standards of living in retirement. This information, like our service is not 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

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What you do with your pension is an important decision. Therefore, we strongly recommend that you fully understand your options. We offer a range of information to help you and independent financial advice if you are still unsure. Alternatively, Pension Wise, the Government's new pension guidance service, is due to launch shortly providing a free impartial service to help you understand your options at retirement. You will be able to access the service online, over the telephone and face to face. Further details are now available at www.gov.uk/pensionwise.