What does the Chancellors pension revolution mean for us?

OldBeanz

There are restrictions at present that you cannot put a lump sum into your pension 2 years either side of the year taking a lump sum.

SailorSam

I first looked a couple of years ago if i could cash in 2 small pension pots 'cos they're only going to give me a small amount, but 'cos i'm just over the 'triviality' (?) figure it wasn't possible. Does this now mean i can cash it in.

rnad

hi so this comes into play april 2015, i`m 55 march 2015 and have got a small pension pot 40000 approx which i am taking out then , will i loose out by a month ? in not being able to draw the lot out ?

kidmugsy

hugheskevi wrote: »

An interesting consequence will presumably be some form of limiting pension contributions post 55 ...

I hope not; I only learnt an hour ago that I should be encouraging my wife to contribute again.

atush

SailorSam wrote: »

I first looked a couple of years ago if i could cash in 2 small pension pots 'cos they're only going to give me a small amount, but 'cos i'm just over the 'triviality' (?) figure it wasn't possible. Does this now mean i can cash it in.

I would imagine yes.

atush

rnad wrote: »

hi so this comes into play april 2015, i`m 55 march 2015 and have got a small pension pot 40000 approx which i am taking out then , will i loose out by a month ? in not being able to draw the lot out ?

Surely you could retire in April instead?

mania112

wotsthat wrote: »

It'll be interesting to see how the rules on pension income recycling are changed to prevent a rush on people seeking second tax free lump sums.

Currently, you can't recycle income within a Flexible Drawdown arrangement - I'm sure the same will apply. If you exceed GAD limits you will not be able contribute to another pension

SallyG

Following the Fixed-term Parliaments Act 2011 the date of the next general election has been set at the 7 May 2015.

I should maybe read the rest of the Budget?

rnad

hey cheers yea i know ,but not to sure if there would be a catch ?? to try and tie you in so to speak .

Seabee42

There is already talk of bans on transfers from DB to DC pensions, especially for unfunded schemes oh boy lots of fun ahead.

Annuities are seriously poor value because they force insurers to back them with bonds.