Contractor pensions and the effects of A-Day pension reforms
Changes that came into force on 6th April, or 'A-Day', should revolutionise pensions planning and help make investing more straightforward and flexible, especially if you have a personal or occupational pension. Eight different sets of pension taxation rules were replaced by just one set of guidelines. These changes have made all pensions subject to the same tax treatment, regardless of the type of scheme or when it started, provided the scheme adopted the new rules.
In summary there are four main areas affected by A-Day, each with their own changes:
- How much you can put in annually and over a lifetime
- What you can take out
- When you can take your pension
- What you can invest in
If you have been caught unaware, or were waiting for the changes that A-Day brought, find out how Tarpon′s pensions services and our appointed independent financial advisers can benefit your current situation by calling 0800 434 6402. If you have a pension with us, your business manager/pensions advisor can provide further explanation on how this may affect you.
View the full news article here.
To speak to one of our tax experts call 0800 434 6402.
