Q. My wife and I, who are both approaching retirement age, used to work for the same employer that provided us with a generous final salary pension scheme. Unfortunately neither of us were there very long so our forecasted pensions are quite low. We have both recently received information from the scheme, and whilst the… Read more »
Q. I have been watching with interest the developments in cashing in pensions since the budget in March. I know that more flexibility is coming from April next year, but I have a number of small pensions and a colleague of mine has suggested that it is possible to cash in up to £60,000 now. This… Read more »
Q. I am 57. Last November I took out an Income Drawdown plan. After the changes in the budget, can I now cash in the entire fund? A. The answer is possibly. The full flexibility is due to come in from April next year, allowing time for consultation on the exact rules. In the meantime, there are… Read more »
Q. My friend and I are in business together and have a limited company. The bank has suggested that we have Shareholder Protection as they refer to it. I am not really sure what this is and whether or not we need it in any case. What is your opinion? A. Most people go into business… Read more »
Q. I am approaching retirement. I am a member of my employer’s group personal pension scheme and I had anticipated using these savings to purchase an annuity. However, I think I’ve heard that the requirement to purchase an annuity has been abolished. Is this correct? A. Yes. The Chancellor of the Exchequer, George Osborne, delivered his budget… Read more »
