In contrast to the purchase of a lifetime annuity, placing your accrued pension fund into drawdown is not a ‘once and done’ exercise.
You spend a long time building up a pension fund that is big enough to support you throughout your years in retirement. The choices you make about how and when you draw benefits from your pension fund will determine how much value you get out of it.
Legislation changed on 1 April to prevent properties with an EPC rating below level “E” from being let to new tenants, and to existing leases from April 2023. These changes open up a number of questions - we’ve highlighted seven things you need to know.
Pension rules now allow individuals to remain in drawdown for life. However, as you get older, or if your circumstances change, it is important to look at whether drawdown is still right for you.
We discuss key points arising from our recent self-invested pensions seminars, including a resume of what has occurred in self-invested pensions and pension planning for those about to draw or who are already drawing benefits from their pension fund.
This technical takeaway complements the self-invested pensions update given during our seminars held in April and May 2016 including articles on this year’s budget, Annual Allowance, Lifetime Allowance, Auto-Enrolment and FURBS.
On 6 April 2016 legislation was introduced to reduce the Lifetime Allowance (LTA) to £1 million. This note sets out who can apply for FP2016 and IP2016, how the new protections work in practice, and how the interim application process operates.
When the concept of a Pension Input Period (PIP) was first introduced in April 2006 as part of the ‘A-Day’ pension taxation regime, it could be argued that HMRC missed an opportunity at the time to align all PIPs with the tax year, going forward.
The death benefits that can now be provided from SSASs and SIPPs are more tax-efficient and available to more classes of beneficiaries following the introduction of the Taxation of Pensions Act 2014 and the Finance Act 2015. This summarises the changes.