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Saving for tomorrow

Reforms to pensions and ISAs will alter the UK's savings system beyond recognition when government reforms come into effect on 6 April. Penny Cogher offers a breakdown of the effects of the changes

15 January 2015

Observers of the chancellor's recent autumn statement will have noticed that he touched only briefly on pensions. However what he said, as always, was of interest - majoring as he did on the somewhat interconnected issues of the tax treatment of pension related death benefits and ISAs. He then followed up with a further announcement on 12 December 2014 about the mechanics of the pensioner bonds which he initially announced in the 2014 budget.

The headline news is that from April 2015 the 55 per cent 'death tax' on defined contribution pension savings will be abolished. The tax on annuity payments to a partner where an individual has died before age 75 will also be removed, and from April 2015, savers will be allowed an additional ISA investment allowance on the death of their spouse or civil partner. Additionally, pensioner bonds are to have very attractive rates of return, perhaps a concession in recog...

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