Osborne increases pensions flexibility

Pensions were one of the winners of yesterday’s Budget, as the Chancellor announced a raft of measures to increase the flexibility of defined contribution benefit schemes.

George Osborne had put an emphasis in his speech on this being a Budget for savers: “The message from this Budget is: you have earned it, you have saved it and this government is on your side.” 

The government announced changes to the tax rules and other restrictions currently surrounding pensions - which the Chancellor added would require a separate Act of Parliament that will be in place by April 2015. 

These included...

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Comments

when pensioners

justsotax | | Permalink

reach the age of 55? Given that the 'state pension age' is 65 and rising, this seems an odd turn of phrase.    

"He who has a garden and a library wants for nothing" Cicero

mikefleming3028 | | Permalink

Cash in your pension and acquire one of each of the above and what need will you have for money?

I predict several train wrecks and a quick change of policy just after the next General Election

John R's picture

Transfers from defined benefit schemes

John R | | Permalink

I was surprised that there was no anti-forestalling legislation proposed to prevent existing members of defined benefit schemes from applying for a transfer to a personal pension before the new rules come into effect. I would have thought that many doctors, teachers etc will be advised to make transfers now before the new rules come in. Although the consultation document suggests that this will not be allowed after the new rules come into effect, is there likely to be a mass exodus from DB schemes in the meantime?