Nearly 100 business owners from across the East of England have benefited from advice on the new pension rules thanks to leading accountancy firm, Moore Thompson.
The practice, which has offices in Spalding, Wisbech and Market Deeping, held a free seminar to explain the new rules that came into force earlier this month to a group of leading businessmen and women at the South Holland Centre in Spalding.
During the seminar, experts from Moore Thompson and its sister firm, MT Financial Management, covered a wide-range of topics including the changes to state pension entitlements, changes to personal pensions, changes to pension death benefits and potential tax implications from withdrawing a pension.
Mark Hildred, Managing Partner at Moore Thompson, said: “The event was very well attended and those that came along said they had really benefited from the advice given by our experienced team, but there are still many people who may be unsure of the changes that have come into force this month.”
On 6 April people with a defined contribution pension were, for the first time, given the ability to withdraw their entire pension pot as a lump sum. A quarter of this lump sum can be withdrawn tax-free, while the remaining amount is taxed at each individual’s marginal income tax rate.
Alongside this, individuals who die with a defined pension before the age of 75 can now pass on their remaining pension pot tax-free without having to pay a punitive 55 per cent tax charge, while those who die after 75 can still pass on their pension pot, which will now be taxed at their beneficiaries marginal income tax rate.
“If you are unsure about what the changes may mean for you, then it is best to seek professional advice to ensure your needs are met well into your retirement,” added Mr Hildred.
For more information, please contact us.