PENSIONS REFORM 6 APRIL 2015 YOUR QUESTIONS ANSWERED.

Size: px
Start display at page:

Download "PENSIONS REFORM 6 APRIL 2015 YOUR QUESTIONS ANSWERED."

Transcription

1 PENSIONS REFORM 6 APRIL 2015 YOUR QUESTIONS ANSWERED. Following Government changes effective on 6 April 2015, there are different ways for anyone over 55 to access their defined contribution pension pots and this will give you more flexibility when accessing your pension pot. We ve put together some information to help you understand what these changes are.

2 PENSIONS REFORM YOUR QUESTIONS ANSWERED QUESTIONS AND ANSWERS To guide you through these new options, the Government will offer you free and impartial guidance that we strongly recommend you should access in the first instance. You ll be able to find out more on their dedicated Pension Wise website This service will also offer guidance over the phone or face to face. 1. Do these changes apply to all types of pension scheme? The changes apply only to people with defined contribution pensions. This is a type of pension also known as a money purchase scheme. This is when the money you and/or your employer pay into your pension scheme is invested by a pension provider. The amount you receive when you take your benefits usually depends on how much has been paid in, the charges deducted and how well the investment has done. These changes do not apply to final salary or defined benefit pension schemes. Such schemes pay guaranteed benefits based typically on your salary and years of service since joining the scheme. If you re a member of this type of scheme, we recommend that you contact a financial adviser for advice. 2. Will I be able to take money out of my pension pot as and when I need it? This will depend on whether partial lump sums are allowed under your pension product. See the Your Product Options summary which explains what you are able to do in your plan. If your pension plan allows this option, you can take partial lump sums twice a calendar year, at a minimum of 5,000 gross/before tax on each payment. When you take a lump sum you must leave at least 5,000 in your pension pot. If your pension plan does not allow this option, other options may be available if you transfer away from your current plan to a different pension product. 3. If I take my pension pot as a lump sum would I pay more tax? It s important to consider the tax consequences of taking your pension pot as a lump sum. As the balance over your tax-free cash amount, usually 25%, will be added to your income in that tax year and taxed as earned income, it would increase your earned income for that tax year and increase the amount of income tax due. Page 7 shows an example of how you could be taxed. 4. What are the small pension pots rules, and are there any restrictions? If you re over the age of 55 and your pension pot is 10,000 or less, it may be classed as a small pension pot. You can take the full amount as cash and not affect your Annual Allowance. 25% is tax free and we ll deduct 20% income tax from the other 75% (see Question 5 for more details). However, in most cases you can only do this three times in your lifetime.

3 2015 PENSIONS REFORM YOUR QUESTIONS ANSWERED 3 5. How will Legal & General deduct the tax from money taken out of my pension pot? The amount you receive from us may not be the full amount you are due. Where you are taking a payment/cash lump sum from your pension pot (and you are not taking your pot under the small pension pot rules), the first payment will be taxed using an emergency tax code. This is a code we use until HM Revenue & Customs (HMRC) sends us (and you) your correct code. It ensures that you receive the basic personal allowance but doesn t take into account any other allowances or reliefs you may be entitled to. We ll keep using it until HMRC tells us (and you) what your correct tax code should be. Where you re taking some or your entire pension pot in one payment, we ll confirm the details of this payment so you can reclaim any overpaid tax from HMRC. We ll send a P45 for partial and full pot lump sum payments and either could result in a tax overpayment. Where you take your pot under the small pension pot rules, we re required to apply tax on the portion above your 25% tax-free entitlement at the basic rate amount of 20%, even if you aren t a basic rate taxpayer. This means that, depending on your overall income, the amount of tax we deduct may be more or less than the amount you should pay. If you think we ve paid too much or not enough tax, you should contact HMRC. 6. If I access my pension pot, what will happen to my Annual Allowance? The Annual Allowance for the current tax year is 40,000. It takes into account gross contributions paid by you and any contributions paid by your employer or third parties to any Registered Pension Scheme. If the total contributions to all of your pensions adds up to more than the Annual Allowance you will have to pay a tax charge on the amount paid above the Annual Allowance. However, unused allowances from up to three previous tax years may be available. The Annual Allowance will reduce to 10,000 if you take money from any pension pot you have, other than in specific circumstances such as taking only your tax-free cash or all of your money under the small pension pot rules. Once your Annual Allowance is reduced to 10,000, you will not be able to use any allowances from previous tax years. 7. Am I able to take part of my pension pot as a lump sum and continue to pay into it? This will depend on whether this option is allowed under your pension product. The Your Product Options summary will explain whether this facility is available on your pension plan. Other options may be available if you transfer away from your current plan to a different pension product or provider. If you continue to make contributions your Annual Allowance could be reduced (see Question 6). You will also need to inform any other pension providers that you have a reduced Annual Allowance.

4 PENSIONS REFORM YOUR QUESTIONS ANSWERED 8. What happens in the event of my death? If you die before taking your benefits from this pension, your pension pot will be paid to your spouse, registered civil partner or nominated beneficiary/beneficiaries. If you haven t nominated a beneficiary, and don t have a spouse/registered civil partner, we will pay any death benefits at our discretion, taking into account the range of potential beneficiaries detailed in your Member s Booklet/Member s Policy Booklet. If you make a nomination, we will not be bound by this but will take this into account when deciding who to pay the benefit to. New rules apply from 6 April 2015 that mean if you die before age 75, your pension pot will be passed as a lump sum to your beneficiary, tax free. If you die after age 75, your pension pot will be passed to your beneficiary who will either be able to: take it as a lump sum taxed at 45%. From 6 April 2016, this will be taxed as earned income; or if the product allows, take it as an income that would be taxed as earned income. 9. What is Flexi-Access Drawdown (FADD)? This is a new way of taking income from your pension pot that will be available from 6 April You can take 25% tax free as a lump sum and take the rest of your pot, either all or some, as income. This will be added to your income in that tax year and taxed as earned income. You can still make further pension contributions but these will be subject to a lower Annual Allowance of 10,000 (instead of 40,000) - see Question 6 for more details. If this is an option allowed under your plan with us, you will need to have more than 50,000 invested in your plan before you can place your pension pot into Flexi Access Drawdown. 10. I have been in Capped Income Drawdown for several years, what will my options be after 6 April 2015? If you are in Capped Income Drawdown before 6 April 2015, there will be no changes to your existing plan and you can continue in Capped Income Drawdown. You will be able to make contributions up to the 40,000 Annual Allowance. However, from 6 April 2015, if you choose to take more income than your capped limit (see your Annual Review statement for details), you will need to review your options. If you move to Flexi-Access Drawdown, the new reduced 10,000 Annual Allowance will apply to any contributions you make into any pension plans (see Question 6).

5 2015 PENSIONS REFORM YOUR QUESTIONS ANSWERED Will tax relief on pension contributions change? No, this will remain the same. If you have one of our personal pension or stakeholder plans we will continue to claim tax relief for you at the basic rate (currently 20%) and add it to your pension plan. You will need to claim back any higher/additional rate tax relief from your local tax office. No tax relief is available on contributions paid after you reach age If I am able to take a partial lump sum, can I extend my selected retirement date and keep my plan invested in the same way as before I took any money from it? Taking a partial lump sum will not impact any options on your plan. You can extend your selected retirement date up to the maximum age your pension plan allows. 13. If I already have or am planning to buy an annuity, will I be able to cash that in or close it after 6 April 2015? You will need to speak to your annuity provider to confirm whether this is possible. Currently, if you have an annuity with Legal & General, you will not be able to cash it in. 14. If I decide to access my pension pot, will my State benefits or housing benefit be affected? If you decide to access your pension pot, this may affect any State or housing benefits that you receive. You should check first by contacting the Pension Service on your local tax office; or seek guidance from the Pension Wise website I currently live overseas, how will I be affected by the changes? There is guidance on pensions and living abroad on If having read this and taken the pension guidance you still need some help, you may wish to speak to a financial adviser for specialist advice.

6 PENSIONS REFORM YOUR QUESTIONS ANSWERED 16. What will happen if I have protected tax-free cash, (that is, my tax-free cash entitlement is greater than 25% of the fund)? If you have any protected tax-free cash, you ll still be entitled to receive this. You should know if this applies to you as you will have received confirmation of any higher tax-free cash entitlement from your provider. Once you ve taken your protected tax-free cash, you are able to: take a small pension pot; or opt for Flexi-Access Drawdown; or buy an annuity. However, if you take out your pension pot as a full or partial lump sum, your tax-free cash entitlement will reduce to 25%. If you don t take your full protected tax-free cash, you ll pay more tax overall when you don t need to. 17. I am in ill-health and below the age of 55. Am I able to take my benefits? There are a number of options available to you if you are in ill-health, but we would recommend you access guidance from the Pension Wise website If having had this guidance you still need some help, you may wish to seek advice from a financial adviser. 18. Who can I contact to help me decide what s best for me? If you are deciding whether to access your pension pot, we recommend you use the new free and impartial Pension Wise guidance service, available from 6 April You ll be able to find out more on their dedicated website This service will also offer guidance over the phone or face to face. The Money Advice Service can provide you with detailed information around the options and the new rules in their brochure Your pension: it s time to choose which can be found on their website You may also want to speak to a financial adviser before you make any decisions about your future. If you don t have a financial adviser, you can find one in your local area by visiting

7 2015 PENSIONS REFORM YOUR QUESTIONS ANSWERED 7 HOW YOUR PENSION POT IS TAXED During the tax year when you take all or part of your pension pot as a lump sum, the amount you take (after your tax-free lump sum) is added to any other taxable income during the same tax year and is taxed as earned income. Income tax is split into bands and you pay different rates (20%, 40% and 45%) on earnings that fall into each band. The table below illustrates this: TAXABLE INCOME This is the amount of earnings a person will pay income tax on: Taxable income = total earnings Personal Allowance PERSONAL ALLOWANCE A person born after 5 April 1948 has a basic personal allowance of 10,600 a year; this is the amount of income they can earn during a tax year before paying income tax. The Personal Allowance reduces by 1 for every 2 of income above 100,000, and is therefore zero if income is above 121,200. RATES OF INCOME TAX (MARGINAL RATES) 2015/2016 rate of income tax: Nil income tax (For most, 0 to 10,599 0% Basic rate (For most, 10,600 to 42,385) 20% Higher rate (For most, 42,386 to 150,000) 40% Additional rate (Over 150,000) 45% INCOME TAX THRESHOLD Taxable income above which the higher rate applies 31,785 Taxable income above which the additional rate applies 150,000 (No Personal Allowance see above) SAVINGS This example does not include savings or income earned from savings.

8 PENSIONS REFORM YOUR QUESTIONS ANSWERED Generally pensions are taxed in the same way as your salary is paid. The amount of tax that you pay is determined by your tax code (also known as your PAYE code) and pensions will normally have tax deducted at source under PAYE directly by the pension provider. The PAYE code used for your pension will be adjusted to take account of any other income including any State pension you receive. There is general guidance on the taxation of pensions on HMRC s website at If you think you could be paying too much tax on your pension, there is guidance on HMRC s website at If you have any queries relating to your tax situation, we recommend that you contact your financial adviser. EXAMPLE (for illustrative purposes only) A customer aged 56 with a personal pension pot of 50,000, and a salary of 30,000 and no other benefits or income. Irrespective of the size of their pension pot, they would be subject to the basic rate of income tax which is 20%. TAXABLE INCOME 30,000-10,600 (Personal Allowance) 19,400 INCOME TAX DUE 19,400 x 20% 3,880 STEP 1 TAKING TAX-FREE CASH ONLY FROM THEIR PENSION POT If this customer takes 25% of their pension pot as tax-free cash, this would not affect any income tax due. 25% of 50,000 = 12,500 (tax-free) Remaining pension pot = 37,500 Total tax due = 3,880 (unchanged)

9 2015 PENSIONS REFORM YOUR QUESTIONS ANSWERED 9 STEP 2 TAKING AN ADDITIONAL PARTIAL LUMP SUM This customer decides to take an additional 10,000 out of their pension pot in the same tax year. This will be subject to the basic rate of income tax and will be added to their income taking their total income to 40,000 this year. TAXABLE INCOME 30,000 salary + 10,000 lump sum = 40,000 40,000-10,600 (Personal Allowance) = 29,400 29,400 INCOME TAX DUE 29,400 x 20% 5,880 Remaining pension pot = 27,500 Total tax due has increased from 3,880 to 5,880 STEP 3 TAKING A 2ND ADDITIONAL PARTIAL LUMP SUM This customer decides to take a further 20,000 out of their pension pot in the same tax year. This will be added to their income taking their total income to 60,000 this year, and a portion of their income would now be subject to the higher rate of income tax of 40%. TAXABLE INCOME 30,000 salary + 10, ,000 lump sums = 60,000 60,000-10,600 (Personal Allowance) = 49,400 49,400 INCOME TAX DUE 31,785 x 20% 6,357 17,615 x 40% 7,046 TOTAL 13,403 Remaining pension pot = 7,500 Total tax due has increased from 5,880 to 13,403

10 PENSIONS REFORM YOUR QUESTIONS ANSWERED SUMMARY So, this customer has received 12,500 tax free Total income = 60,000 Total tax paid = 13,403 Amount of remaining pension pot = 7,500 (reduced from 50,000) THINGS TO CONSIDER It s important to remember you ve been saving into your pension plan so that you can use your pension pot to provide you with an income in retirement. Any money you take from your plan will reduce your pension pot and therefore reduce the level of retirement income you could receive. Accessing some or all your pension pot may affect your Annual Allowance (see Question 6). As our example illustrates, it s important to consider the tax consequences of withdrawing cash from your pension pot as you could find yourself paying unexpected rates of tax. Taking your pension in smaller lump sums, spread over different tax years could help manage your tax liability. The law and tax rates may change in the future. These details are based on our understanding of tax law and HM Revenue & Customs practice which is subject to change. The amount of tax you pay, and the value of any tax relief, will depend on your individual circumstances. Please call us on if you have any questions about the changes the Government has introduced and how they impact your pension plan. Call charges will vary. We may record and monitor calls. Alternatively visit our website:

11 Legal & General Assurance Society Limited Registered in England and Wales No Legal & General Assurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Legal & General (Portfolio Management Services) Limited Registered in England and Wales No Legal & General (Portfolio Management Services) Limited is authorised by the Financial Conduct Authority. Registered office: One Coleman Street London EC2R 5AA Q /

Information about tax relief, limits and your pension

Information about tax relief, limits and your pension Information about tax relief, limits and your pension Published: August 2015 Laws and tax rules have changed in 2015. The information here is based on our understanding in August 2015. Your personal circumstances

More information

Pension benefits guide How you can use your pension pot to suit your needs

Pension benefits guide How you can use your pension pot to suit your needs Pension benefits guide How you can use your pension pot to suit your needs axawealth.co.uk With the flexibility you have to take benefits through your pension, it can be difficult to know what s best for

More information

The Personal Range Key Features of the Individual Personal Pension Transfer Value Account

The Personal Range Key Features of the Individual Personal Pension Transfer Value Account The Personal Range Key Features of the Individual Personal Pension Transfer Value Account Reference MPEN11/F 07.15 The Financial Conduct Authority is a financial services regulator. It requires us, Friends

More information

STAKEHOLDER PENSION. KEY FEATURES. This is an important document that you should read and keep in a safe place. You may need to read it in future.

STAKEHOLDER PENSION. KEY FEATURES. This is an important document that you should read and keep in a safe place. You may need to read it in future. STAKEHOLDER PENSION KEY FEATURES. This is an important document that you should read and keep in a safe place. You may need to read it in future. 2 STAKEHOLDER PENSION KEY FEATURES USING THIS DOCUMENT.

More information

Key Features Document

Key Features Document Keyfacts Key Features Document Transact Section 32 Buy Out Bond IntegraLife UK Limited A firm authorised and by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and

More information

Key Features of the Prudential Personal Pension Scheme

Key Features of the Prudential Personal Pension Scheme Key Features of the Prudential Personal Pension Scheme Important information you need to read The Financial Conduct Authority is the independent financial services regulator. It requires us, Prudential,

More information

SIPP Key Facts. This is an important document which you should keep.

SIPP Key Facts. This is an important document which you should keep. SIPP Key Facts! This is an important document which you should keep. 2 Key Facts of the Alliance Trust Savings SIPP The Financial Conduct Authority is the independent financial services regulator. It requires

More information

KEY FEATURES. CASH-OUT RETIREMENT PLAN

KEY FEATURES. CASH-OUT RETIREMENT PLAN 1 KEY FEATURES OF OUR CASH-OUT RETIREMENT PLAN CASH-OUT RETIREMENT PLAN KEY FEATURES. For customers who are not receiving financial advice. This is an important document that you should keep in a safe

More information

Telegraph Investor SIPP Payment of Benefits Guidance Notes

Telegraph Investor SIPP Payment of Benefits Guidance Notes Under the HMRC pension legislation you can take your benefits from age 55, or younger on ill health grounds (see section below). Please note that you do not have to leave employment to draw your benefits

More information

A GUIDE TO INCOME TAX AND YOUR PENSION

A GUIDE TO INCOME TAX AND YOUR PENSION A GUIDE TO INCOME TAX AND YOUR PENSION Contents INTRODUCTION 3 Key FACTS 3 YOUR PENSION WITHDRAWALS: WHAT S TAXABLE? 4 The tax-free element of your withdrawals 4 The taxable element of your withdrawals

More information

Key Features of the NHS Additional Voluntary Contributions (AVC) Scheme

Key Features of the NHS Additional Voluntary Contributions (AVC) Scheme Key Features of the NHS Additional Voluntary Contributions (AVC) Scheme Important information you need to read The Financial Conduct Authority is a financial services regulator. It requires us, Prudential,

More information

BENEFITS. The remainder of your fund is used to provide a pension, in one of 2 ways:

BENEFITS. The remainder of your fund is used to provide a pension, in one of 2 ways: BENEFITS Online links to further information are shown in underlined text below. Contents 1. Your own benefits 2. Benefits on death 3. Issues to consider 4. Other points These notes outline the benefits

More information

Contents. Aims, commitments and risks. Questions and answers. Contributions. Transfers. Investments

Contents. Aims, commitments and risks. Questions and answers. Contributions. Transfers. Investments SIPP ISA Dealing Junior ISA SIPP key features The Financial Conduct Authority is the independent financial services regulator. It requires us, AJ Bell Management Limited, to give you this important information

More information

Key Features of the Local Government Additional Voluntary Contributions (AVC) Scheme for England & Wales

Key Features of the Local Government Additional Voluntary Contributions (AVC) Scheme for England & Wales Key Features of the Local Government Additional Voluntary Contributions (AVC) Scheme for England & Wales Important information you need to read The Financial Conduct Authority is an independent financial

More information

Important information. Key Features of the Teachers Additional Voluntary Contributions (AVC) Scheme

Important information. Key Features of the Teachers Additional Voluntary Contributions (AVC) Scheme Important information Key Features of the Teachers Additional Voluntary Contributions (AVC) Scheme > Contents About this booklet 4 About the Teachers AVC Scheme 5 Its aim 5 Your commitment 5 Risks 6 Questions

More information

GUIDE TO RETIREMENT PLANNING FINANCIAL GUIDE. Making the most of the new pension rules to enjoy freedom and choice in your retirement

GUIDE TO RETIREMENT PLANNING FINANCIAL GUIDE. Making the most of the new pension rules to enjoy freedom and choice in your retirement GUIDE TO RETIREMENT PLANNING Making the most of the new pension rules to enjoy freedom and choice in your retirement FINANCIAL GUIDE WELCOME Making the most of the new pension rules to enjoy freedom and

More information

Your options at retirement

Your options at retirement Your options at retirement How you can take your pension with us B&CE pension schemes include: The People s Pension EasyBuild Stakeholder Pension & EasyBuild S2P TUTMAN B&CE Contracted-out Pension Scheme

More information

Key Features. of the Suffolk Life SIPP (Deed Poll Scheme)

Key Features. of the Suffolk Life SIPP (Deed Poll Scheme) Key Features of the Suffolk Life SIPP (Deed Poll Scheme) This document is part of a set, all of which should be read together. Key Features Your Personal Illustration Schedule of Fees Schedule of Allowable

More information

SIPP ISA Dealing Junior ISA SIPP benefi ts guide

SIPP ISA Dealing Junior ISA SIPP benefi ts guide SIPP ISA Dealing Junior ISA SIPP benefits guide Contents Introduction SIPP benefits - the basics Annuity, income drawdown and taxable lump sums the commitments and risks 3 Your benefits options Lump sums

More information

A guide to pension tax

A guide to pension tax A guide to pension tax Footer info Zurich Blue 2 or White Contents About this guide 3 Tax treatment of payments 4 Eligibility to receive tax relief on payments Tax relief on payments made to pension schemes

More information

PASSING ON YOUR PENSION. A guide to death benefits from income drawdown. Retirement Solutions

PASSING ON YOUR PENSION. A guide to death benefits from income drawdown. Retirement Solutions PASSING ON YOUR PENSION A guide to death benefits from income drawdown Retirement Solutions It s now easier than ever to pass any remaining money in your pension to the people you love when you die. New

More information

Group Additional Voluntary Contributions Plan Key features

Group Additional Voluntary Contributions Plan Key features Group Additional Voluntary Contributions Plan Key features This is an important document. Please read it and keep for future reference. The Financial Conduct Authority is a financial services regulator.

More information

A guide to the pension changes in April 2015

A guide to the pension changes in April 2015 A guide to the pension changes in April 2015 106027837.indd 1 05/01/2015 10:00 Contents What do the changes mean for you? 3 Summary of the changes from 6 April 2015 5 What s changed in practice? 6 How

More information

April 2015: Forthcoming Pension Changes. Retirement options for money purchase pension schemes (including SSAS).

April 2015: Forthcoming Pension Changes. Retirement options for money purchase pension schemes (including SSAS). April 2015: Forthcoming Pension Changes Significant changes to pension regulations are being introduced on the 6 th April 2015. The legislation will be covered in the Taxation of Pensions Bill 2014 and

More information

KEY FEATURES OF LEGAL & GENERAL S PENSION ANNUITY.

KEY FEATURES OF LEGAL & GENERAL S PENSION ANNUITY. PENSION ANNUITIES KEY FEATURES OF LEGAL & GENERAL S PENSION ANNUITY. HELPING YOU MAKE THE RIGHT DECISIONS FOR YOUR FUTURE This is an important document that you should keep in a safe place. 02 KEY FEATURES

More information

The Personal Range Key Features of the Individual Personal Pension

The Personal Range Key Features of the Individual Personal Pension The Personal Range Key Features of the Individual Personal Pension Reference MPEN11/A 04.16 The Financial Conduct Authority is a financial services regulator. It requires us, Friends Life and Pensions

More information

Group Flexible Retirement Plan Key features

Group Flexible Retirement Plan Key features Group Flexible Retirement Plan Key features This is an important document. Please read it and keep it for future reference. Key features document: Pages 1 21 Terms and conditions for joining: Pages 22

More information

Preparing for 6 April 2015 Are you ready for Question Time?

Preparing for 6 April 2015 Are you ready for Question Time? Are you ready for Question Time? Background The new flexible pension regime will come into effect on 6 April 2015 There is already extensive press coverage of the changes In understanding the changes it

More information

TD Direct Investing A Guide to SIPPs

TD Direct Investing A Guide to SIPPs TD Direct Investing A Guide to SIPPs Introduction If you are considering investing for retirement, there are a number of ways to approach it. One way is to embark on the do it yourself (DIY) self investment

More information

Lump sum death benefits

Lump sum death benefits Lump sum death benefits This leaflet covers the position on death before age 75 and explains > the effect of legislation on the payment of lump sum death benefits, > possible tax liability for anyone receiving

More information

Retirement Account Plan Key features

Retirement Account Plan Key features Retirement Account Plan Key features This is an important document. Please read it and keep for future reference. The Financial Conduct Authority is a financial services regulator. It requires us, Standard

More information

PENSION ENCASHMENTS AND SMALL POTS ADVISED NON-GMP CASES

PENSION ENCASHMENTS AND SMALL POTS ADVISED NON-GMP CASES PENSION ENCASHMENTS AND SMALL POTS ADVISED NON-GMP CASES IMPORTANT INFORMATION Please read this section carefully before completing this application form. This form can only be used where you are taking

More information

Active Money Personal Pension Key Features

Active Money Personal Pension Key Features Active Money Personal Pension Key Features This is an important document. Please read it and keep for future reference. The Financial Conduct Authority is the independent financial services regulator.

More information

Key features. For customers One Retirement

Key features. For customers One Retirement For customers One Retirement Key features Contents Its aims 02 Your commitment 02 Risks 03 Questions and answers 04 Secure retirement income (SRI) 08 Other information 11 How to contact us 12 The Financial

More information

Accessing your Additional Voluntary Contribution (AVC)

Accessing your Additional Voluntary Contribution (AVC) Accessing your Additional Voluntary Contribution (AVC) Accessing your AVC savings Now is the time to start making decisions about your retirement and your future. One of the most important things to think

More information

APPLICATION FORM. / / / PENSION ANNUITY. Once you ve completed this form, please return it to: Legal & General Annuities PO Box 809 Cardiff CF24 0YL

APPLICATION FORM. / / / PENSION ANNUITY. Once you ve completed this form, please return it to: Legal & General Annuities PO Box 809 Cardiff CF24 0YL PENSION ANNUITY APPLICATION FORM. Once you ve completed this form, please return it to: Legal & General Annuities PO Box 809 Cardiff CF24 0YL We will already have sent you a quote(s), illustrating the

More information

Key Features of the Ascentric Pension Account (SIPP)

Key Features of the Ascentric Pension Account (SIPP) Key Features of the Ascentric Pension Account (SIPP) Introduction The Financial Conduct Authority is a financial services regulator. It requires us, Investment Funds Direct Limited (IFDL), to give you

More information

KEY FEATURES OF YOUR BUYOUT BOND ILLUSTRATION KEY FEATURES. and Conditions, available from your financial adviser.

KEY FEATURES OF YOUR BUYOUT BOND ILLUSTRATION KEY FEATURES. and Conditions, available from your financial adviser. 00000 Old Mutual Wealth Life Assurance Limited is a provider of long-term life assurance. It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential

More information

Pension Flexibility 2015

Pension Flexibility 2015 Pension Flexibility 2015 Who is likely to be affected? Individuals who have reached the normal minimum pension age, (normally age 55), who have money purchase pension savings in a registered pension scheme

More information

Provide for your loved ones. A guide to death benefits from your pension plan

Provide for your loved ones. A guide to death benefits from your pension plan Provide for your loved ones A guide to death benefits from your pension plan This guide covers the death benefits from the following plans: Self Invested Personal Pension Group Self Invested Personal Pension

More information

KEY FEATURES OF LEGAL & GENERAL S PENSION ANNUITY.

KEY FEATURES OF LEGAL & GENERAL S PENSION ANNUITY. PENSION ANNUITIES KEY FEATURES OF LEGAL & GENERAL S PENSION ANNUITY. HELPING YOU MAKE THE RIGHT DECISIONS FOR YOUR FUTURE This is an important document that you should keep in a safe place. 02 KEY FEATURES

More information

KEY FEATURES OF THE RETIREMENT ACCOUNT

KEY FEATURES OF THE RETIREMENT ACCOUNT Key Features of the Royal London Retirement Account KEY FEATURES OF THE RETIREMENT ACCOUNT IMPORTANT INFORMATION YOU SHOULD READ 1 HOW TO CONTACT US If you have any queries relating to your Retirement

More information

KEY FEATURES OF THE PROTECTED RETIREMENT PLAN

KEY FEATURES OF THE PROTECTED RETIREMENT PLAN KEY FEATURES OF THE PROTECTED RETIREMENT PLAN Customer version The Financial Conduct Authority is a financial services regulator. It requires us, LV=, to give you this important information to help you

More information

Flexible Income Annuity

Flexible Income Annuity Flexible Income Annuity Death Benefits For advisers For many people, making sure loved ones are provided for when they die is a top priority. The investment-linked Flexible Income Annuity from Retirement

More information

A GUIDE TO FINANCIAL GUIDE. New Pensions Freedom GIVING PEOPLE MORE CONFIDENCE TO SAVE INTO A PENSION

A GUIDE TO FINANCIAL GUIDE. New Pensions Freedom GIVING PEOPLE MORE CONFIDENCE TO SAVE INTO A PENSION FINANCIAL GUIDE A GUIDE TO New Pensions Freedom GIVING PEOPLE MORE CONFIDENCE TO SAVE INTO A PENSION WELCOME Giving people more confidence to save into a pension Welcome to our Guide to New Pensions Freedom.

More information

Collective Retirement Account

Collective Retirement Account Key features of the Collective Retirement Account The Financial Conduct Authority is a financial services regulator. It requires us, Old Mutual Wealth, to give you this important information to help you

More information

KEY GUIDE. Pensions freedom drawing from your pension

KEY GUIDE. Pensions freedom drawing from your pension KEY GUIDE Pensions freedom drawing from your pension Radical reform The changes revealed in the 2014 Budget were described by some retirement planning experts as a pensions revolution. The radical proposals

More information

It s flexible. Key features of the Flexible Income Annuity. Flexible Income Annuity

It s flexible. Key features of the Flexible Income Annuity. Flexible Income Annuity It s flexible Key features of the Flexible Income Annuity Flexible Income Annuity This is an important document and you should read it before deciding whether to buy your pension annuity from us Purpose

More information

A clear guide to your retirement options. We ll help you get there

A clear guide to your retirement options. We ll help you get there A clear guide to your retirement options investments pensions PROTECTION We ll help you get there Contents If you are retiring soon 3 Things to consider 4 Your options at a glance 6 Tax-free lump sums

More information

GROUP PROTECTION HELPING YOU UNDERSTAND EXCEPTED GROUP LIFE POLICIES (EGLP).

GROUP PROTECTION HELPING YOU UNDERSTAND EXCEPTED GROUP LIFE POLICIES (EGLP). GROUP PROTECTION HELPING YOU UNDERSTAND EXCEPTED GROUP LIFE POLICIES (EGLP). 2 CONTENTS. Introduction 3 The different types of group life assurance 4 What is an EGLP? 4 What must I remember when I set

More information

Financial planning guide For teachers who are approaching retirement

Financial planning guide For teachers who are approaching retirement Financial planning guide For teachers who are approaching retirement Financial planning guide 1 2 Contents Think ahead 4 When did you join? 5 Different rules, at different times 6 What kind of member are

More information

IMPORTANT DOCUMENT PLEASE READ WESLEYAN PERSONAL PENSION PLAN

IMPORTANT DOCUMENT PLEASE READ WESLEYAN PERSONAL PENSION PLAN IMPORTANT DOCUMENT PLEASE READ WESLEYAN PERSONAL PENSION PLAN 02 Wesleyan Personal Pension Plan KEY FEATURES OF THE WESLEYAN PERSONAL PENSION PLAN The Financial Conduct Authority is a financial services

More information

Key Features. Pension Annuity. This brochure outlines the key features of the Just Retirement Pension Annuity. Contents

Key Features. Pension Annuity. This brochure outlines the key features of the Just Retirement Pension Annuity. Contents Pension Annuity Key Features This brochure outlines the key features of the Just Retirement Pension Annuity. The Financial Conduct Authority is a financial services regulator. It requires us, Just Retirement,

More information

Close Brothers Self Directed Service Key Features and Charges

Close Brothers Self Directed Service Key Features and Charges Close Brothers Self Directed Service Key Features and Charges Contents 1) Key Features of the Close Stocks & Shares ISA and Close Cash ISA 2) Key Features of the Close Investment Account 3) Key Features

More information

Key Features. Pension Annuity. This brochure outlines the key features of the Just Retirement Pension Annuity. Contents

Key Features. Pension Annuity. This brochure outlines the key features of the Just Retirement Pension Annuity. Contents Pension Annuity Key Features This brochure outlines the key features of the Just Retirement Pension Annuity. The Financial Conduct Authority is a financial services regulator. It requires us, Just Retirement,

More information

A guide to your new Prudential Annuity

A guide to your new Prudential Annuity A guide to your new Prudential Annuity > Thank you for choosing Prudential to provide your pension annuity. You might be receiving your pension directly from us or we are paying it on behalf of your pension

More information

KEY FEATURES OF THE SELF-INVESTED PERSONAL PENSION (SIPP) FOR INCOME DRAWDOWN OR PHASED RETIREMENT. Important information you need to read

KEY FEATURES OF THE SELF-INVESTED PERSONAL PENSION (SIPP) FOR INCOME DRAWDOWN OR PHASED RETIREMENT. Important information you need to read KEY FEATURES OF THE SELF-INVESTED PERSONAL PENSION (SIPP) FOR INCOME DRAWDOWN OR PHASED RETIREMENT Important information you need to read THE FINANCIAL CONDUCT AUTHORITY IS A FINANCIAL SERVICES REGULATOR.

More information

Key features of the Group Personal Pension Plan

Key features of the Group Personal Pension Plan For employees Key features of the Group Personal Pension Plan Contents Important note 2 Its aims 2 Your commitment 2 Risks 3 Questions and answers 4 Other information 9 How to contact us 12 The Financial

More information

An Explanation of Pension Terms

An Explanation of Pension Terms abcdef An Explanation of Pension Terms Pension Term / Name Annual allowance Annuitant Annuity Bonuses Commutation Commutation for Smaller Pension Funds 10,000 or less Also Known or Previously Known As

More information

PLANNING THE RETIREMENT YOU WANT

PLANNING THE RETIREMENT YOU WANT PLANNING THE RETIREMENT YOU WANT Charlotte Supply Chain Graduate HEINEKEN UK Flexible Retirement Plan Contents A reminder of... How the Flexible Retirement Plan works 4 The benefits 6 Consider what you

More information

SELECT SIPP. Taking pension benefits guide

SELECT SIPP. Taking pension benefits guide SELECT SIPP Taking pension benefits guide Please read this guide in conjunction with the Alliance Trust Savings Handbook and the appropriate Key Features documents. Alliance Trust Savings does not give

More information

Make the most of your retirement. Retire with Friends. It s good to talk to Friends

Make the most of your retirement. Retire with Friends. It s good to talk to Friends Make the most of your retirement Retire with Friends It s good to talk to Friends You can count on Friends Retirement today looks a lot different than it did for previous generations. It s good news. There

More information

Benefits guide for the AJ Bell Investcentre SIPP

Benefits guide for the AJ Bell Investcentre SIPP SIPP ISA GIA Benefits guide for the AJ Bell Investcentre SIPP SIPP ISA GIA Contents Introduction 3 SIPP benefits - the basics 3 Annuity, income drawdown and taxable lump sums - the commitments and risks

More information

YOUR GUIDE TO RETIREMENT

YOUR GUIDE TO RETIREMENT YOUR GUIDE TO RETIREMENT www.phoenixlife.co.uk CONTENTS Page Purpose of this guide 3 Your pension options - Buying your pension income (annuity) from us 4 Your pension options - Buying your pension income

More information

SIPP benefit form income drawdown and lump sum payments

SIPP benefit form income drawdown and lump sum payments SIPP ISA Dealing Junior ISA SIPP benefit form income drawdown and lump sum payments Please complete this form if you want to access your pension and take income as lump sums or income drawdown. If you

More information

Key features of the Zurich Retirement Account

Key features of the Zurich Retirement Account Key features of the Zurich Retirement Account Helping you decide This important document gives you a summary of the Zurich Retirement Account. Please read this before you decide to invest, and keep it

More information

retirement planning the retirement you want Heineken UK Flexible Retirement Plan

retirement planning the retirement you want Heineken UK Flexible Retirement Plan my retirement planning the retirement you want Heineken UK Flexible Retirement Plan Contents Get an overview of the Heineken UK Flexible Retirement Plan What is the Flexible Retirement Plan? 4 Your benefits

More information

REMOVING THE REQUIREMENT TO ANNUITISE BY AGE 75

REMOVING THE REQUIREMENT TO ANNUITISE BY AGE 75 PENSIONS PROFILE MARCH 2011 REMOVING THE REQUIREMENT TO ANNUITISE BY AGE 75 Summary From 6 April 2011, the requirement to buy an annuity by age 75 will be removed. Alternatively Secured Pensions (ASPs)

More information

RELEVANT TECHNICAL LIFE GUIDE PLAN TO THE RELEVANT LIFE PLAN RELEVANT LIFE PLAN TECHNICAL GUIDE.

RELEVANT TECHNICAL LIFE GUIDE PLAN TO THE RELEVANT LIFE PLAN RELEVANT LIFE PLAN TECHNICAL GUIDE. RELEVANT TECHNICAL LIFE GUIDE PLAN TO THE RELEVANT LIFE PLAN 1 RELEVANT LIFE PLAN TECHNICAL GUIDE. 2 TECHNICAL GUIDE TO THE RELEVANT LIFE PLAN ABOUT THIS GUIDE This guide has been designed for financial

More information

Let s talk pension flexibility The current position

Let s talk pension flexibility The current position Let s talk pension flexibility The current position 1 Let s talk pension flexibility the current position Change is coming. Budget 2014 heralded a shake-up of the pension system that will change how we

More information

Additional Voluntary Contributions (AVCs)

Additional Voluntary Contributions (AVCs) AVCs FINAL SALARY SECTION Important Note: With effect from 1st November 2015, no new Added Years AVC arrangements will be permitted. Existing contracts will not be affected by this change. Additional Voluntary

More information

Self Invested Personal Pension for Wrap Key Features

Self Invested Personal Pension for Wrap Key Features Self Invested Personal Pension for Wrap Key Features This is an important document. Please read it and keep for future reference. The Financial Conduct Authority is an independent financial services regulator.

More information

SSAS SMALL SELF ADMINISTERED PENSION SCHEME

SSAS SMALL SELF ADMINISTERED PENSION SCHEME SSAS SMALL SELF ADMINISTERED PENSION SCHEME DEATH BENEFIT OPTIONS www.investacc.co.uk/ssas Introduction This is a basic guide to the options available on death of a member of an InvestAcc SSAS. It is not

More information

A guide to the Personal Savings Allowance

A guide to the Personal Savings Allowance A guide to the Personal Savings Allowance 2 1 3 What s new? From 6 April 2016, basic rate taxpayers are able to earn up to 1,000 in savings income (such as interest earned on bank or building society accounts)

More information

Your retirement income. Exploring your options

Your retirement income. Exploring your options Your retirement income Exploring your options Contents 01 Accessing your pension savings with Standard Life 03 What do you want to do with your pension pot? 09 A regular retirement income for the rest

More information

Pensions - Tax Reliefs

Pensions - Tax Reliefs Pensions - Tax Reliefs Types of pension schemes There are two broad types of pension schemes from which an individual may eventually be in receipt of a pension: Occupational schemes Personal Pension schemes.

More information

Important information. Key Features of the Flexible Retirement Plan (Personal Pension Plan with SIPP options)

Important information. Key Features of the Flexible Retirement Plan (Personal Pension Plan with SIPP options) Important information Key Features of the Flexible Retirement Plan (Personal Pension Plan with SIPP options) > Contents About this booklet 3 About our Flexible Retirement Plan 4 Who can take out a Flexible

More information

Guaranteed Annuity. Key Features. This is an important document and you should read it before deciding whether to buy your pension annuity from us

Guaranteed Annuity. Key Features. This is an important document and you should read it before deciding whether to buy your pension annuity from us Guaranteed Annuity Key Features This is an important document and you should read it before deciding whether to buy your pension annuity from us 2 Purpose of this document Guaranteed Annuity Key Features

More information

WITHDRAWING MONEY PURCHASE FUNDS

WITHDRAWING MONEY PURCHASE FUNDS WITHDRAWING MONEY PURCHASE FUNDS WITHDRAWING MONEY PURCHASE FUNDS Pension commencement lump sum plus annuity Uncrystallised funds pension lump sum Flexi -access drawdown Small pots PRESERVE YOUR FUTURE

More information

Additional Voluntary Contributions

Additional Voluntary Contributions Additional Voluntary Contributions Working in partnership with the Universities Superannuation Scheme to help you towards a more comfortable retirement Will you have enough money for retirement? As a member

More information

partnership pension account A guide to available benefits

partnership pension account A guide to available benefits partnership pension account A guide to available benefits Contents partnership pension account 3 Paying into your pension 4 Choosing your pension fund 8 How to open a partnership pension account 13 Leaving

More information

The Retirement Account. Certainty, flexibility and simplicity for life

The Retirement Account. Certainty, flexibility and simplicity for life Certainty, flexibility and simplicity for life Introducing Retirement Advantage Previously known as MGM Advantage and Stonehaven, we are a well-established company that can trace our roots back over 150

More information

The Retirement Account

The Retirement Account The Retirement Account Key Features This is an important document and you should read it before deciding whether to buy your Retirement Account from us Purpose of this document This Key Features booklet

More information

DECEMBER 2014 AUTUMN STATEMENT

DECEMBER 2014 AUTUMN STATEMENT DECEMBER 2014 AUTUMN STATEMENT SUMMARY The key announcements by The Chancellor providing opportunities for financial planning advice are outlined below. PENSIONS Summary of all the pension changes to apply

More information

UNDERSTANDING YOUR FUTURE CREATE A PICTURE OF YOUR RETIREMENT

UNDERSTANDING YOUR FUTURE CREATE A PICTURE OF YOUR RETIREMENT UNDERSTANDING YOUR FUTURE CREATE A PICTURE OF YOUR RETIREMENT CONTENTS My Future 2 Your Family 2 Your Property 3 Your Assets 3 Your Future Summary 4 Your Retirement 4 Your Future Income 5 Details & Events

More information

INCOME DRAWDOWN DEATH BENEFITS

INCOME DRAWDOWN DEATH BENEFITS For professional advisers INCOME DRWDOWN DETH BENEFITS Pension Portfolio Technical Information It s now easier than ever for your clients to pass on any remaining money in their personal pension or income

More information

WHAT IS CHANGING? 1 JULY 2014 27 MARCH 2014 APRIL 2015

WHAT IS CHANGING? 1 JULY 2014 27 MARCH 2014 APRIL 2015 BUDGET 2014 PENSIONS AND SAVINGS RULES Our simple Q&A looks at the changes happening in the pensions and savings industry and how you may be affected. THE 2014 BUDGET STATEMENT ANNOUNCED SOME SIGNIFICANT

More information

Your retirement income. Exploring your options

Your retirement income. Exploring your options Your retirement income Exploring your options Contents 02 What do you want to do with your pension fund? 07 A regular retirement income for the rest of your life 10 A flexible income from a Self Invested

More information

Freedom and Choice in Pensions. Your guide to the changes

Freedom and Choice in Pensions. Your guide to the changes Freedom and Choice in Pensions Your guide to the changes Contents Freedom and Choice 3-5 in Pensions Buy an annuity 6-7 Remain invested - 8-9 entering drawdown Take a cash lump sum 10 Will providers offer

More information

Immediate Vesting Personal Pension Plan Key features

Immediate Vesting Personal Pension Plan Key features Immediate Vesting Personal Pension Plan Key features This is an important document. Please read it and keep for future reference. The Financial Conduct Authority is the independent financial services regulator.

More information

Key features of the Home Retail Group Personal Pension Plan

Key features of the Home Retail Group Personal Pension Plan Key features of the Home Retail Group Personal Pension Plan This is an important document which you should keep in a safe place. You may need to read it in future. Home Retail Group Personal Pension Plan

More information

The Plan for Your Future

The Plan for Your Future The TJX UK Pension Plan The Plan for Your Future Pension Booklet 2 P age Welcome to the TJX UK Pension Plan To look after your financial future, you need to take a little time out of your present. Setting

More information

Guide to SIPPs. Investment Helpdesk: 0131 550 1212. www.cs-d.co.uk

Guide to SIPPs. Investment Helpdesk: 0131 550 1212. www.cs-d.co.uk Investment Helpdesk: 0131 550 1212 www.cs-d.co.uk SIPP stands for Self Invested Personal Pension. SIPPs are a flexible type of personal pension. Like most, they are designed to provide a retirement pot

More information

Your retirement savings and tax. November 2015

Your retirement savings and tax. November 2015 Your retirement savings and tax November 2015 Content 1. Ways you can access your retirement savings and how they are taxed 2. Further information on the Annual Allowance 3. Further information on the

More information

KEY GUIDE. Investing for income when you retire

KEY GUIDE. Investing for income when you retire KEY GUIDE Investing for income when you retire Planning the longest holiday of your life There comes a time when you stop working for your money and put your money to work for you. For most people, that

More information

Nationwide Group Personal Pension Arrangement. Your journey to a brighter future

Nationwide Group Personal Pension Arrangement. Your journey to a brighter future Nationwide Group Personal Pension Arrangement Your journey to a brighter future Saving for your retirement Welcome to the Nationwide Group Personal Pension (GPP) arrangement provided to you by Friends

More information

Our Guide to the 2015 Pension Reforms

Our Guide to the 2015 Pension Reforms Our Guide to the 2015 Pension Reforms The overhaul of the pension system will significantly impact your retirement planning, opening up a whole new world of flexibility over how you spend, save and invest

More information

The SIT SIPP. Self Invested Personal Pension. Key Features

The SIT SIPP. Self Invested Personal Pension. Key Features The SIT SIPP Self Invested Personal Pension Key Features The SIT SIPP Key Features The Financial Conduct Authority is the independent financial services regulator. It requires us, AJ Bell Management Limited,

More information

www.civilservice-pensions.gov.uk

www.civilservice-pensions.gov.uk www.civilservice-pensions.gov.uk This booklet is published by Civil Service Pensions. Crown Copyright June 2008 Printed by St Ives Direct PPA-1 partnership pension account Contents partnership pension

More information

i2live Annuity Key features

i2live Annuity Key features i2live i2live Annuity Key features This is an important document. Please read it alongside your personal illustration and the Customer Fund Guide and keep it safe for future reference. About this document

More information