Pension Transfers
A number of changes to pension rules were introduced in April 2016 to give individuals greater flexibility to access their pension savings from age 55.
The new pension rules provide much greater flexibility and we offer a Pension Review to help you to find out if your current pension arrangements are right for you.
The 2016 pension rule changes included:
- Increasing the flexibility of the drawdown rules by removing the maximum ‘cap’ on withdrawal and minimum income requirements for all new drawdown funds from 6 April 2015;
- Enabling those with ‘capped’ drawdown to convert to a new Flexi-access Drawdown fund once arranged with their scheme
- Removing restrictions on lifetime annuity payments;
Transferring pensions requires specialist financial advice and in particular transferring from Defined Benefit Pension Schemes (or “Final Salary” schemes) requires specific qualifications and specific permissions from the Financial Conduct Authority to advise on these transfers.
Not many firms of Independent Financial Advisers hold these specific qualifications and permissions, Christina Clegg Financial Planning Services, DOES NOT hold these permissions. However, we can put you in touch with a firm who can advise you on Defined Benefit Pension transfers. We can then advise you on all other types of Pension Transfer.
For more information, or if you have any questions, please do not hesitate to contact our Pension Advisers at Christina Clegg Financial Planning Services Limited.
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