Last year, Chancellor George Osborne promised greater pension freedom from April 6th 2015. It means that as a saver you will have greater freedom to do as much or as little as you want with your pension.
Essentially, you will have four main options:
- Withdraw all your money
- Take some as you need it
- Re-invest it
- Leave it where it is.
Pension Freedom Day, as it has been named, is the day that you can access your pension savings when you want.
After April 6th savers aged 55 and over can access all or some of your pension without any of the withdrawal restrictions which currently apply.
The pension company can choose to offer this freedom to access money, but it does not have to do so.
Do you need pension advice?
If you have pension funds in excess of £150,000 and need further advice, call us on 01704 500324, or if you would like to receive a free guide, please register your details here.