{"id":4533,"date":"2015-04-10T12:59:37","date_gmt":"2015-04-10T12:59:37","guid":{"rendered":"http:\/\/www.hibernianassociates.co.uk\/?p=4533"},"modified":"2023-07-28T04:37:43","modified_gmt":"2023-07-28T03:37:43","slug":"pension-changes-april-2015","status":"publish","type":"post","link":"https:\/\/joyous-indigo-lizard.92-205-185-16.cpanel.site\/ha-law-new\/pension-changes-april-2015\/","title":{"rendered":"Pension Changes- April 2015"},"content":{"rendered":"<p><span style=\"color: #000000\">Major changes to the UK\u2019s pension system came into force on 6th April, which will allow those over 55 to have more control over their pension money when they retire. The most radical change will now allow retirees to withdraw their whole pension pot as a lump sum rather than buying an annuity which pays out an income over time.<\/span><\/p>\n<p><span style=\"color: #000000\">You can take out 25% of pension pot lump sum tax-free. Anything withdrawn above this means you will have to be taxed at normal income rates. However, if this totals more than \u00a342,386 then this could take you into the higher 40% tax bracket.<\/span><\/p>\n<p><span style=\"color: #000000\">The new rules also make it easier for you to pass on your pension wealth. If you die before the age of 75, the pension pot can be passed on tax free. If you die over 75 years old, your beneficiaries can take the whole pension and it will be taxed at 45%, instead of the 55% which was the previous rule.<\/span><\/p>\n<p><span style=\"color: #000000\">Although these new changes have been named \u201cpension freedoms\u201d, there are of course risks which people ought to be aware of. Many could be susceptible to fraudsters, and from next year a new limit on the total size of a pension pot could mean income from an annuity could be less than expected. It will also soon become harder to qualify for a full state pension.<\/span><\/p>\n<p><span style=\"color: #000000\">Although these changes have now come into effect, those heading towards retirement do not need to make a decision right away on which option they wish to go for; many may choose to still stick with an annuity. It\u2019s important to take your time deciding.<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In March 2014, the UK Chancellor announced \u201cthe most radical changes to pensions in almost a century\u201d would take place in the future. One year on, these changes have come into effect.<\/p>\n","protected":false},"author":123,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-4533","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-news","7":"entry"},"_links":{"self":[{"href":"https:\/\/joyous-indigo-lizard.92-205-185-16.cpanel.site\/ha-law-new\/wp-json\/wp\/v2\/posts\/4533","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/joyous-indigo-lizard.92-205-185-16.cpanel.site\/ha-law-new\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/joyous-indigo-lizard.92-205-185-16.cpanel.site\/ha-law-new\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/joyous-indigo-lizard.92-205-185-16.cpanel.site\/ha-law-new\/wp-json\/wp\/v2\/users\/123"}],"replies":[{"embeddable":true,"href":"https:\/\/joyous-indigo-lizard.92-205-185-16.cpanel.site\/ha-law-new\/wp-json\/wp\/v2\/comments?post=4533"}],"version-history":[{"count":0,"href":"https:\/\/joyous-indigo-lizard.92-205-185-16.cpanel.site\/ha-law-new\/wp-json\/wp\/v2\/posts\/4533\/revisions"}],"wp:attachment":[{"href":"https:\/\/joyous-indigo-lizard.92-205-185-16.cpanel.site\/ha-law-new\/wp-json\/wp\/v2\/media?parent=4533"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/joyous-indigo-lizard.92-205-185-16.cpanel.site\/ha-law-new\/wp-json\/wp\/v2\/categories?post=4533"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/joyous-indigo-lizard.92-205-185-16.cpanel.site\/ha-law-new\/wp-json\/wp\/v2\/tags?post=4533"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}