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ADVERTISING FEATURE FINANCE It’s all change Steve Missen F MONAHANS ADVISES ON THE NEW PENSION OPTIONS


rom April 6 2015, anyone over 55 can take their entire pension pot as cash, with 25 per cent tax free. Alternatively, they will be able to choose to take their tax free cash amount and purchase an annuity or consider one of the other products available on the market. People will need to consider these choices carefully based on varying personal circumstances, making sure they have enough money to live on throughout a hopefully long retirement.


Changes from 27 March, 2014:


• If you are age 60 or above and have a pension policy that has a value of £10,000 or less, you can take all of the money in that policy as a lump sum. You can do this for up to three pension policies if they each have a value of less than £10,000. One quarter of the amount will be paid to


you tax free, and the rest will be taxed at your marginal rate of income tax.


• If you are between age 60 and 75 and have a pension policy larger than £10,000, you can still take it as a lump sum, if the value of all your pension funds added together (including any pensions in payment, but excluding the state pension) is below £30,000. Again, one quarter of the amount will be paid to you tax free, and the rest will be taxed at your marginal rate of income tax.


• For capped income drawdown arrangements, the maximum amount of income you can take is increasing from 120 per cent of an equivalent annuity to 150 per cent. And the minimum level of guaranteed income needed to access flexible drawdown has been reduced from £20,000 to £12,000.


While these changes bring about a greater degree of flexibility, it’s important to seek professional advice to explore your options and ensure any decisions you make are suited to your circumstances. BL


If you would like a no-obligation discussion about how


Monahans Financial Services Ltd could help you to achieve more from your pension, call Steve Missen on 01225 785520; www.monahans-fsl.co.uk


The value of investments can go down in value as well as up, so you could get back less than you invest.


Monahans Financial Services Ltd is authorised and regulated by the Financial Conduct Authority.


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