Pension changes budget 2014

definedbenefit

I have a buy out pension which I wish to unlock next year under the new pension rules brought in recently. I am also in a defined benefit pension with the company I work with. I have read recently that if you unlock a pension then any future pension savings are restricted to £10000 pa including the employers contribution. Is this restriction only on defined contribution pensions and AVCs or would it apply to my DB pension. To be honest the company I work for have told me the rule does not apply to DB pensions and a financial advisor says it does so all a bit complicated. Any thoughts appreciated.

Daniel54

You will get a better response posting on the Pensions board,where this has been the subject of discussion ( see post 19 in this thread)

https://forums.moneysavingexpert.com/discussion/5027665

If you are not 55 or over then there is nothing you can do.

If you have a buy out pension it would be worth posting what this is as it may have valuable benefits attached to it.

I assume you mean you mean draw down/crystallise rather than "unlock"

Do you need pension money next year if you are still working ?

kidmugsy

The news so far.
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/332714/pensions_response_online.pdf

The final word is with parliament, so all might be clear some time in the autumn.

xylophone

I have a buy out pension which I wish to unlock next year

Is this a S32 with GMP?