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What pension-holders aged 55 and over should do ahead of 5 April
KEY POINTS
- Conditions for restricting contribution limits to money purchase plans after April 2015.
- Funds could be placed in capped drawdown before April.
- Take care not to recycle the pension commencement lump sum.
- Do not forget to use the small pots rule especially for those aged under 55 at April 2015.
There has been much focus on the new pension rules in terms of the potential benefits they give for flexible access and the associated tax efficiency of withdrawals and transfers to beneficiaries. We explored the planning opportunities in Pensions shake-up.
However if someone is aged 55 or above now waiting until after 5 April 2015 to draw income from the fund can have considerable disadvantages. This is because if funds have not been placed into capped drawdown before this...
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