This is very sensible and very good news from an excellent Chancellor:

3:14 Under the new system, everyone will be entitled to flexibility, regardless of their total defined contribution pension savings. Individuals will be able to draw down on these pension savings whenever and however they wish after the age of 55. Any amount they draw down will be treated as income and therefore subject to their marginal rate of income tax in that year rather than the current 55% charge for full withdrawals. The tax-free pension commencement lump sum (usually 25% of an individual’s pot) will continue to be available. The rules on the age at which you can take your defined contribution pension will also be simplified so that all individuals will have access to their savings from age 55, subject to their scheme rules.

https://www.gov.uk/government/uploads/syst...ns_web.pdf

I used to be in Pensions in the City for Standard Life.

Well done George

(mind you, common sense from a Politician - surely can't last  2006 (56 Reg) 4.4 V8 Vogue In Bonatti Grey (Gorgeous!!)

He's going to be taking something with the other hand wait and see. FFRR MY06 facelift With TDV8 Alloys Zeros/ATR's
Mantec Sump Guard, Rigid Load liner, MY10 BT upgrade.

^ Yes, time to touch your toes...again

 2006 (56 Reg) 4.4 V8 Vogue In Bonatti Grey (Gorgeous!!)

Can I just remind you guys of the complete idiots from the other side over the last decade....

He may be Eton educated (Top School by the way) but he not only knows his stuff but has a great deal of common sense that is usually lacking in a politician.

I very much doubt the lefty boys will decide not to access their pension pots at 55 which were previously restricted to 60 and then subject to ludicrous annuity rates....

Here here. Primary reason I'll be voting No in Sep. Not because I don't believe in scottish independence but because Labour would get into power as soon as people realize the SNP don't have a clue and we'd be bankrupt in no time...

The Tories might not be perfect but at least they attempt to get the country to live within its means and reward those that work hard and save for their retirement and not just expect handouts. '08 Audi S6 Avant 5.2 V10 with Milltek non-resonated. Vrrrrrrmmmmmph
'59 Ford Kuga Diesel (boring but AWD and 40mpg...)
2007 (07) Subaru Forester XTen 2.5 Turbo. (Roundabouts are fun again!)
2007 (07) 4.4 V8 Vogue (gone)

I think this is the best thing to ever come out of a budget..
I wonder what happens to your pot when you die? Is it now part of your estate or do the pension people steal it as they do just now? Previously..
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Defender 90 2.4
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Vogue 3.5 EFI

It was taxed at 55% and handed to next of kin. It now goes to them (or will soon) at there relevant income tax rate. Hip Hip Hooray for COMMON SENSE CHANCELLOR

Will dividends from shares now be tax free? Geoff

Sorry confused why and how does that relate to pension pots?

If its a separate question then I very much doubt it.

^^^ I was meaning if you had already retired and taken an annuity.. Previously..
Vogue SE TD6
Defender 90 2.4
Defender 110 TD5
Vogue 3.5 EFI

^ Well the whole point of an annuity is that the you and the insurance company take a GAMBLE.

If you live long and prosper you win you get paid more than was in your fund (eventually)

If you die early then they win and keep the pot.

Thats the reason why annuity returns should be higher than investment returns but are now not always better now due to long life expectations and poor return by the insurance companies investing the annuity pots.

And what about those poor people that have lived all of the way on state allowances and never found a job, they don't have a pension pot. Shouldn't they be compensated....?


Sorry, sometimes I get lost in my own brain

http://www.thedailymash.co.uk/news/society...4032084849 Regards
Mark

2009 D4; 1993 Classic 3.9 VSE