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The pensions genie is out of the bottle

Clients approaching retirement should consider their pension as part of their overall wealth, taking into account any property or other investments they hold, says Paul Gauntlett

23 May 2014

Many of the headlines following March's Budget played on the chancellor's boost for bingo players or focused on pension pots no longer having to be taken as an annuity. While the cut in bingo duty was genuine enough, nobody has been required to buy an annuity since 2006, although three-quarters of those retiring each year still do.

Pension regulations can be such an emotive subject that it's frequently difficult to see beyond the headlines. However, objective clarity and professional advice are more vital than ever as the relaxations announced in the Budget open up an array of options that offer potentially very significant tax savings for those who plan skilfully.

The proposed relaxations will increase the capped amount you can draw from a pension from 120 per cent of ...

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