Low-cost, flexible and accessible – words not typically associated with pensions but, thanks to new rules coming into place from the 1st April, will become more familiar.

WHAT’S CHANGING? > Savers can draw any amount, over whatever period they choose > You will still be able to take 25% of your savings fund as a tax free lump sum > From April, the remaining 75% can be drawn as income, subject to income tax at normal rates

WHO IS AFFECTED? > Anyone in a defined contribution pension such as Stakeholder or Personal Pension, employer’s Group Personal Pension, Additional Voluntary Contribution (AVC) or Self Invested Personal Pension (SIPP)
WHAT ACTION MIGHT BE REQUIRED AS A RESULT OF THE CHANGES? > Ensuring your income is taken sensibly to meet your financial needs tax-efficiently > Review existing pensions to ensure your current provider is able to offer flexi-access drawdown

WHAT IF I NEED HELP AND ADVICE? > These are set to be the most radical pension changes in a century. Johnston Carmichael Wealth recommends speaking to your financial adviser about these changes and how you can take advantage of this new freedom.

To find out more about Johnston Carmichael Wealth and for further information about these changes visit www.jcwealth.co.uk

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