Pensions are one way of saving for retirement. They are more tax efficient than other savings vehicles and, following changes in 2015, are extremely flexible in retirement.
In general terms, tax relief is given when contributions are made. 25% of the accumulated fund can be taken free of tax after the age of 55 with the balance used to provide an income of any amount. In 2015 the rules changed quite dramatically, therefore it is vital to seek advice specific to your circumstances.
Please see the following factsheets for further details, or call our office today with your pension related enquiry.
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