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ARTICLE · 25 MARCH 2014

What The Budget 2014 Means For Pensions

Clyde & Co
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Trustees and employers will need to think carefully about how the far-reaching changes in yesterday’s budget affect their pension scheme.

United KingdomEmployment and HR
Mark Howard
Mark Howard
Judith Donnelly
Judith Donnelly
Paul Hodges
Paul Hodges
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Trustees and employers will need to think carefully about how the far-reaching changes in yesterday's budget affect their pension scheme. Scheme rules may need amending and investment strategies may need to change – particularly lifestyle funds. Some changes come into effect next week, with the more radical changes being introduced with effect from April 2015.

Budget 2014

The Chancellor yesterday announced far-reaching changes to the pensions regime:

  • From April 2015 members of defined contribution schemes will no longer be required to purchase an annuity on retirement
  • From April 2015 members of defined contribution schemes will be entitled to free financial advice on retirement from April 2015

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