pension freedoms guidance

General information

Pension Freedoms Guidance is essential before decisions are made by individuals who have access to a sum of money saved in a personal pension or acompany group personal pension scheme. This would normally be once a person has reached 55 years of age. Whilst the decision is down to the individual it is a crucial one-off decision that cannot be reversed. There are many factors to consider including possible tax liabilities and whether the money will serve the original purpose of providing financial support during retirement. There are many options available either for people approaching retirement or who need to access money whilst continuing to be employed. Even people with final salary schemes can possibly access cash but such people should be very careful before taking this step. What people need is guidance (in plain language) on the options and the ability to consult over a period of time.