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Potted future

Do the government’s pension changes mean free money for your clients, asks Scott Gallacher

27 May 2014

ension changes were kept closely guarded until the day of the Budget and came as a shock to financial advisers. The new proposals rip up the rule book and reverse decades of government policy by ‘unlocking’ pensions for everyone age 55 and over.

Historically, most pension funds had to provide lifelong income, not lump sums, from at least
three-quarters of the money. More recently, ‘flexible drawdown’ enabled funds to be taken as a lump sum, but only for people who already had the separate safety net of a guaranteed pension income of
£12,000 (changed in the budget from £20,000).

From April 2015, it is proposed that everyone, whatever ...

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