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ARTICLE · 23 MARCH 2016

Pensions Ready Reckoner - March 2016

Wedlake Bell LLP
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A recap of latest developments in the ever-changing world of occupational pension schemes.

United KingdomEmployment and HR

A recap of latest developments in the ever-changing world of occupational pension schemes.

PARLIAMENT

 

Topic

Legislation  

Budget – 16 March 2016

Key pension tax changes in the Chancellor's Budget:

  • save up to £4,000 per annum into a "Lifetime ISA" until your 50th birthday and then access it (along with a Government-funded "bonus") tax-free, either as a deposit for your first house or once you've hit 60
  • TPAS and "Pension Wise" to be scrapped and replaced
  • cash withdrawals (up to £500) to be permitted from DC funds in order to pay for investment and/or decumulation-related advice

Pre-existing tax changes not affected by the Budget

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