The Government has given the green light to radical pension changes first announced in the Annual Budget earlier this year.
As a result, from April 2015, investors aged 55+ will be able to draw on all of their pension cash should they wish to.
The first 25% is tax free, the balance is subject to income tax at your highest marginal tax rate.
The changes apply to defined contribution schemes only, such as group personal or stakeholder pensions and SIPPs.
For further information on the tax implications contact Lesley Sutton on 01484 538351.