Kevin O'Shea looks at the latest plans for pensions
following the shake-up announced in the Budget.
Perhaps as a prelude to the skills on show at this summer's
World Cup, we've recently been given a glimpse of our domestic
talents with George Osborne's punt at the pensions political
football.
The changes announced by the Chancellor in his spring Budget aim
to offer pension savers more freedom, choice and flexibility than
ever before in how they access their pension savings. Gone is the
need to annuitise pension pots and a clear intention has been set
out for anyone of pension age to be able to draw as much (or as
little) from their pension pot as they choose at any time. A
quarter of the pot would still be tax-free and the balance would be
taxed as income in the year it is taken.
