Pension reforms

Posted on 04 Aug 2021
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 Pension reform: tax implications of early drawdown

 
The pensions landscape changed dramatically on 6 April 2015, with the new pension drawdown rules taking effect. say Harris & Co accountants Northampton

The changes, in general, are welcomed. They present greater choices on how to draw benefits and offer the ability to pass on funds on death. However, whilst providing flexibility, the new rules also present taxation issues. It is important to note that the changes impact upon defined contribution pensions only, and not defined benefit (final salary) schemes.

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