Taxing the much loved 25% pension commencement lump sum may well be in the Chancellor’s sights.
Job schemes, stamp changes, VAT reductions – all good news about spending and stimulus but how is it going to be paid for? Let’s enjoy our moment in the sun but make sure we are well prepared when the time comes to pay for it.
One of the tax perks which may well be under threat is the much loved 25% tax-free pension commencement lump sum – available to many of us from age 55 even if we don’t start to draw a pension.
If you are over 55 with a substantial pension fund (over £200,000) you should be thinking about accessing that lump sum whilst it remains tax-free.
You could use a financial adviser to organise this for you but it could get quite complex and involve you in some hefty fees. Using one of the non-advice on-line financial platforms could be far more user-friendly and cost-effective.
If you would like to know where to start just use this link to book a quick, no-cost Zoom chat and I will put you on the right track.
IMPORTANT INFORMATION
This document and our on going services are not personal advice. We'll give you all the help and guidance you need to make your investment and retirement decisions, but we can't advise you. If you're not sure whether you need regulated financial advice we can put you in touch with a suitably qualified and experienced regulated adviser. Because we are not regulated by the Financial Conduct Authority you will not have access to the Financial Ombudsman Service in respect of any complaints. If you use one of the "no advice" on line services to handle investment transactions they will be Regulated and you will have access to the Ombudsman and The Financial Compensation Scheme in respect of their services. The value of investments/pension plans can fall or rise depending on market performance. The Retirement Team and The Investment and Retirement Coach are trading names of Capture Success Ltd Reg No 01825075 Tel 07770575122
