Pension reforms update
10 Aug, 2016
Major pension reforms came into effect on 6 April 2015. In a recent press release HMRC has confirmed that over 230,000 savers have already taken advantage of the new landmark freedoms to access over £4.3 billion from their pension pots.
The new rules allow those aged 55 and over new opportunities to access their pension pots and new choices as to how to use their defined contributions pension savings. There are three main options available: a lifetime annuity, flexi-access drawdown and
a lump sum payment. These options can be used on their own or in combination.