{"id":229,"date":"2011-01-22T08:00:34","date_gmt":"2011-01-22T08:00:34","guid":{"rendered":"http:\/\/my-brains.co.uk\/jackross\/blog\/?p=229"},"modified":"2014-12-05T15:10:05","modified_gmt":"2014-12-05T15:10:05","slug":"pension-savers-to-get-more-freedom-over-their-retirement-money","status":"publish","type":"post","link":"https:\/\/my-brains.co.uk\/jackross\/pension-savers-to-get-more-freedom-over-their-retirement-money\/","title":{"rendered":"Pension savers to get more freedom"},"content":{"rendered":"

The 2011 Finance Bill will give pension savers a greater degree of control
\nover how they use their retirement pots.<\/p>\n

Under the draft laws, the obligation to buy an annuity from an insurance\u00a0company by the time someone reaches the age of 75 will be dropped as from\u00a0April 2011. Instead, people could cash in a greater percentage of their\u00a0pension pot or opt for continued investment.<\/p>\n

There will, however, be a limit on the total amount of money pensioners may\u00a0still draw down from their pension savings at any given time. The maximum\u00a0that anyone can draw in any year will be the equivalent of the single person\u00a0annuity they could purchase with their pension savings.<\/p>\n

Only those able to demonstrate that they have a pension income of at least\u00a0\u00a320,000 a year, be it a combination of the state pension and a company\u00a0pension, will be allowed to draw more from their retirement pots.<\/p>\n

In the past, savers have been confined to a maximum lump sum of 25 per cent\u00a0of their pension fund on retirement, with the remainder used to buy an\u00a0annuity.<\/p>\n

By not buying an annuity, people will have the chance to retain their\u00a0pension funds for longer and to bequeath extra money to their families. The\u00a0new rules mean that a pension pot can be passed to a beneficiary without a\u00a0tax charge if no money has been withdrawn.<\/p>\n

Many pension experts, however, are predicting that most savers will continue\u00a0to buy annuities, which guarantee an income for life.<\/p>\n

Planning for the day that we stop working has never been more important. If\u00a0you would like guidance on how best to look forward to the retirement your\u00a0hard work deserves, why not give us a call?<\/p>\n

For more information contact Bernadette Gibson at\u00a0bernadette@jackross.co.uk<\/a> or visit our\u00a0Contact Page<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The 2011 Finance Bill will give pension savers a greater degree of control over how they use their retirement pots. Under the draft laws, the obligation to buy an annuity from an insurance\u00a0company by the time someone reaches the age of 75 will be dropped as from\u00a0April 2011. Instead, people could cash in a greater… Read More »Pension savers to get more freedom<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","neve_meta_reading_time":""},"categories":[21],"tags":[],"yoast_head":"\nPension savers to get more freedom - Jack Ross<\/title>\n<meta name=\"description\" content=\"The 2011 Finance Bill will give pension savers a greater degree of control over how they use their retirement pots.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/my-brains.co.uk\/jackross\/pension-savers-to-get-more-freedom-over-their-retirement-money\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pension savers to get more freedom - 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