• February 22, 2016 /

On April 6th, 2015 pension rules changed drastically. People aged 55 were able to access their pension benefits under the new pension flexibility rules cialis paris. Not all providers offer this option to their customers but you are allowed to transfer to a provider that does. Having said that, people looking to cash in their pension should read up on the tax implications it could have on them before doing so.

After the 25%, tax-free cash everyone is entitled to when it comes to their pensions the rest is considered taxable income. At current rates (November 2016) you could be taxed up to 45% dependent on your yearly earnings.

To avoid running out of money in retirement and to find out about the tax implications you could incur, you can seek advice from one of our Independent Financial Advisers free of charge.