Following changes to the pensions in April 2015, where inheritance thresholds were increased to £1 million per couple and persons can now cash in their pensions without having to purchase an annuity at 55. IFA Direct has seen a marked increase in the number of requests for Occupational Pension appointments in June 2015.
What does this mean?
- From the pension appointment, you can get complete access to the transferred value of the fund
- You can choose how the benefits are taken
- You can take advantage of the new flexi access rules that allow you to decide how much you draw from your pension
- It can allow you to take benefits from any age after 55 (rather than restricted to the final salary scheme rules usually age 65)
- It could give greater tax-free cash
- Transfer values could be higher at present because of low gilt yields
- After death keep 100% of the benefits accrued in the scheme for your loved ones
Ryan Mellor, Co-founder at IFA Direct
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