Budget 2014
Hello <<First Name>>: The Chancellor announced radical changes to both pensions and savings in yesterday's budget.
We feel that the announcement may affect many of our clients, and have put together an 8 page newsletter outlining the changes - some of which will come into effect as soon as next week.
Retirement options appear to have been revolutionised - "no-one will have to buy an annuity" are the Chancellor's words. We believe this is great news and are here to provide advice to those thinking about their retirement options.
Support for savers: From 1 July, cash Individual Savings Accounts (ISAs) and stocks & shares ISAs will be merged and simplified into a single ISA with an annual tax-free allowance of £15,000. He also announced a new Pensioner Bond, available to everyone aged over 65 from January 2015.
Please download our Budget newsletter by clicking the link below:
If you would prefer a printed guide, or would like to discuss how the Budget 2014 may affect you, please give us a call on 01554 770022. |
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Pension Triviality
Increased limit! Individuals over age 60, with total pension savings of £30,000, or less can take it all as a trivial commutation lump sum - the current limit is just £18,000;
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Stranded Pension Pots
Now £10,000!: Small stranded pension pots of up to £10,000 can now be taken as a lump sum - a significant increase from the current £2,000. And the number of small stranded personal pension pots that can be taken as a lump sum is increased from two to three.
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