August 2014 - QROPS Review

HMRC Estimates 130 000 May Take Advantage of New Pension Rules

Posted by | Pensions | No Comments

piggy bank smashHer Majesty’s Revenue & Customs has released guidance speculating on the number of people who may choose to take money out of their pensions under the new pension regime. has covered the proposed pension changes extensively and we have explained that the lack of a necessity to buy an annuity has in fact been the case since 2006.

The financial advisors that we have spoken to have agreed that while it may be possible to raid one’s pension, it is often not advisable to do so.

In HMRC’s first official analysis of the the Government’s pension changes, it estimates that up to 130 000 people per year will decide to withdraw money from their pension schemes.

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