April 2015 – Pension freedoms and Pension Wise

  • JAN2015
  • FEB2015
  • APR2015
  • OCT2015
  • APR2016
  • January 2015: Automatic enrolment
    In January 2015, the government announced that 5 million people had been enrolled into a workplace pension. Click here to find out how it affects you...
  • February 2015: Get your State Pension statement
    In February 2015 the government extended the age that you can get a State Pension statement, meaning people aged 55 and over can find out their entitlement. Click here to find out how to get your statement...
  • April 2015: Pension freedoms and Pension Wise
    From 6th April 2015 people who retire will have more choices for how to use their pension pots, and the free guidance service Pension Wise will go live.
  • October 2015: State Pension top up
    From 12th October 2015 people who are already retired will be able to 'top up' their State Pension by up to £25 a week, through this new government scheme. Click here to find out more...
  • April 2016: State Pension changes
    The State Pension is changing on 6th April 2016, meaning that everyone who retires after that date will get the new State Pension. Click here to find out more...

It used to be that when you retired, you could only buy an annuity with your pension pot. But the government has changed that so that now you have got three options:

Buy an annuity – this is an insurance policy that gives you an income for the rest of your life

Take flexible income – this means your pot stays invested while you take money from it

Take the cash – you get your money back all in one go. About 25% of your pot will be tax free.

Wait! Don’t make any quick decisions about which option you want to take. There is free guidance available from the government with Pension Wise, so take a look at that service first. Visit www.pensionwise.gov.uk. If you are in your 50s you can make an appointment to speak to a specialist by visiting www.pension.gov.uk/appointments.

Remember: these rules will only affect you if you have a ‘defined contribution’ pension. Over 300,000 people retire each year with a ‘defined contribution’ pension. If you don’t know whether you have got a defined contribution pension or not, ask your pension provider.

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