The Impact of Pension Reforms
With whispers of this being the biggest pension change yet and an abundance of statistics to match, are you aware of the impact that the pension reforms could have on your future? Four out of five people are unaware of how it will affect them – are you one of them?
With less than 150 days to go until the biggest pension changes:
– 78% aren’t aware what the reforms will mean for them
– 84% of adults approaching retirement don’t know the value of their pension
– 86% of people didn’t know that a pension can be passed on tax-free if you die before the age of 75
From 6 April 2015, adults aged from 55+ will be able to choose between either having guaranteed annuity or flexible access to their pension fund.
Whether it’s to go towards your dream holiday, contribute towards mortgage upkeeps or help with new home renovations, you’ll now be more in control of the payment withdrawal process. Unlike before, you won’t have to completely stop work and retire before you have access to your savings – the pension reforms means you’ll be able to take money out as of when you need it, ideal for early debt repayments or to help gradually reduce total working hours!
Not only that but say goodbye to the 55% pensions death tax too, if death occurs before the age of 75, pension savings will then be passed on their loved ones tax-free. Make sure your beneficiary nomination is updated!
With 25% of 50-65 year olds being unaware that the pension reform is taking place, Standard Life aims to cut down the technical terminology and to inform those exactly what this will mean for their future.
To find out more about the campaign, join in the conversation on reforms and pension changes with #ReadyWhenUAre
Sponsored by Standard Life
The contents of this article are for reference purposes only and do not constitute financial or legal advice. Independent financial or legal advice should be sought in relation to any specific matter. Articles are published by us without any knowledge or notice of the circumstances in which you or anyone else may use or rely on articles or any copy of the information, guidance or documents obtained from articles. We operate and publish articles without undertaking or accepting any duty of care or responsibility for articles or their contents, services or facilities. You undertake to rely on them entirely at your own risk, and without recourse to us. No assurance of the quality of articles is given or undertaken (whether as to accuracy, completeness, fitness for any purpose, conformance to any description or sample, or otherwise), or as to the timeliness of the publication.
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