New Perspective on Pensions
Pension Freedom Scheme (PFS)
You’ve undoubtedly read about the new scheme, and we are delighted to be featured in the latest Business 365 edition by Mannin Group, alongside Zurich Insurance Company Ltd discussing the changes. The full article is available here.
What are the main changes in the new scheme?
- The PFS can be accessed from the age of 55 and there is no requirement for a minimum income to be taken at the age of 75.
- The tax-free cash allowance is rising to 40% of the plan value, rather than the current 30%.
- Subject to the fund value being paid out within two years of death, the tax charge of 7.5% has been removed.
It's typically a lot more complicated than that however and there is of course a lot of detail to get through, especially when comparing providers to supply the best option for your business and employees.
How we can help you?
To support you through the changes, we have been working hard to evaluate various providers, comparing and contrasting all the financial strengths and flexibilities of major global providers.
Changes such as these need to be evaluated and chosen carefully with minimal risk, so alleviate some pressure, keep hold of valuable time and consider regulated financial advice to reduce your risk and improve your choices.