'The 2014 Budget proposals have been described by some retirement planning experts as a pensions revolution. The radical proposals came as a surprise and are designed to change the retirement landscape by breaking the link between pensions and annuities.
At this stage the broad outline of the reforms is clear, but not all of the detail. There are some interim measures in the Finance Bill currently going through parliament, but many of the longer term proposals are out for consultation, with draft legislation likely to be introduced later this year, but some of the detail may not be finalised until next year’s Finance Bill or possibly later. The general election is due on 7 May 2015, and so some of the proposals might fall by the wayside, while others could take a different shape. This uncertainty means that as far as possible, you should build flexibility into any plans you make.’
In order to help you to understand the proposed changes to pensions legislation, we have provided a key guide document.
Should you have any queries regarding the information contained in the guide, and how it affects you, please contact us.
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