Pensions Freedom News

The latest pensions freedom news is that over  230,000 people have accessed over £4.3 billion in pensions savings under new pension freedoms introduced ayear ago, according to HMRC.

The statistics show that in the first year of  new rules about accessing pension funds, £4.3 billion was accessed flexibly from their pension pots.

Government action on pensions freedom

The government is taking action to ensure the new freedoms work for consumers and that they have the right information to make informed decisions: with capping of early exit fees, allowing earlier access to Pension Wise guidance, and working with industry to introduce a Pensions Dashboard. More people will have the right to sell their annuities from April 2017.

Pensions freedoms statistics

Since the pension flexibility rules took effect last April:
• 232,000 individuals have accessed their money flexibly
• People have flexibly accessed over £4.3 billion of their money through 516,000 payments.
• In the most recent quarter, 74,000 individuals withdrew £820 million. In the previous quarter, 67,000 individuals withdrew £800 million.

If you would like advice on the tax implications please contact us.

Let’s start a conversation 

    Subscribe me for updates and news from In Accountancy

    Related articles

    time to pay arrangement
    Limited Companies

    Time to Pay Arrangements: A Lifeline for Owner-Managed Businesses

    Are You Struggling to Meet Your Tax Obligations?

    More than 30,000 UK businesses were involved in some kind of insolvency action in 2023, which was an increase of more than 50% compared with 2021 according to an article in the Guardian earlier this year.

    And the economic outlook would suggest that despite the fact that we are no longer in recession, 2024 and 2025 will be a challenging year for UK small business.

    With this in mind we have prepared the following guide and associated video to help you understand what your options are with regards to agreeing what is known as a ‘Time to Pay’ arrangement with HMRC.

    Read More »

    Find out how we can help?

    Lectus scelerisque a donec tincidunt litora per eleifend eget ut sagittis conubia pharetra scelerisque dui ultricies duis parturient auctor adipiscing.

     

    Let’s start a conversation 

      Subscribe me for updates and news from In Accountancy

      IN-ACCOUNTANCY

      Search