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Associate Insight - Pension changes April 2015: Five things every lawyer should understand about the new rules

By Wesleyan

18 February 2015

On 6 April, the biggest pensions-shake up in history will come into effect and Wesleyan, the specialist financial services provider for professionals, has come up with five issues every lawyer approaching retirement needs to consider.

Anyone with a defined contribution (DC) pension scheme will be affected by these extensive pension reforms.

The opportunity for individuals to take their entire pension pot as a cash lump sum for the first time is arguably the biggest, and most heavily publicised, new pension rule. But new tax implications and different arrangements among pension providers are just a few of the reasons why these reforms may be more complicated than pension savers expect.

1. Do not assume that taking a lump sum is the best, or easiest, choice. The cash option may sound remarkably simple, and tempting, compared with shopping around for an annuity. While the n...

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