George Osborne today announced potentially far-reaching changes in retirement planning and funding effective from next April. Central to the new regime is the ability to withdraw the whole of a pension fund as a single lump sum or as a series of lump sums over a period of time. 25% of the pension fund can be received free of any tax with the balance added to your income in the year of withdrawal to calculate the appropriate rate of tax. Consultation has begun to shape the new legislation and regulation and we will keep you up to date with developments going forward.
Not yet retired?
You can now include all your additional savings, investments and Pension Contributions between now and your retirement, taking into account increasing these Additional Contributions year-on-year and stipulating whether these are one-off or recurring contributions. As always, you can revisit these projections and change them at any time either when your expectations change, or you have real numbers to replace projections already made.
New useful charts?
There are now three additional charts, further breaking down your assets and income.
Download your data in a spreadsheet?
You can now also download spreadsheets giving you the opportunity to view all of your entered information, and your entire LifePlan in one glance.
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