16th July 2015
Canada Life: Tax implications of the new pension flexibilities
Sam Newton discusses the options available under the new pension freedoms and the tax implications.
The new pension freedoms, which came into effect this April, have transformed the landscape in terms of the options and flexibility now available to all those in defined contribution plans regardless of the size of their pension pot.
It is possible for your clients to draw an income from their uncrystallised pension pot, in the form of an Uncrystallised Funds Pension Lump sum, as well as from their crystallised pension pot in the form of a flexi-access drawdown fund. In addition clients can choose fixed term annuities as well as the traditional guaranteed lifetime annuity.
Does this all sound confusing? Well in addition to these new freedoms consideration should be given to the tax implications.
To read Sam Newton’s full article visit http://www.ican-canadalife.co.uk/news
For more information on Canada Life’s CanRetire range of products visit http://www.canretire.co.uk/
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