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If it's not broken...

The pension freedoms do not mean that funds have to be withdrawn. Many will benefit from simply leaving their money untouched

1 February 2016

One of the more notable announcements to come out of the government's autumn statement in November was the indicated rise in the state pension to £119.30-a-week from April 2016.

The £3.35-a-weak increase this represents may not have a significant effect on the majority of individuals' day-to-day lives, particularly given the rate of inflation and the fact that individuals will be required to work longer prior to being able to receive a state pension, the decision at least follows the government's plans first laid down in the summer of 2014, and introduced in the Taxation of Pensions Act 2014 to alter the taxation of pensions.

The new rules mean that those who have worked and saved into a pension throughout their lives will be able to pass it onto their families, tax free.

The rules are particularly advantageous where a pensi...

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