Pension changes - more choice and flexibility

The 2014 Budget introduced a number of major changes to pension rules around how benefits can be taken from a pension. It is now possible to take all the money out of your pension from age 55 as a lump sum with 25% of it tax free and the rest charged at your marginal tax rate. There will no longer be any requirement to use your pension savings to provide an income in retirement.

The way you choose to access your retirement savings is an important financial decision, which will affect your income for the rest of your life. When you do decide to take your pension, you should make sure you have got all the information you need to understand your options so that you take your pension savings in a way that suits you.

We have provided more information about the choices that is now available here. If you have any questions about your pension savings please contact us. We can’t provide financial advice but we are happy to provide additional information.

PensionWiseWe encourage you to take advantage of Pension Wise which is a new government service giving impartial guidance about pension choices. It is free and will help you to understand what your options are for taking the benefits from your pension savings. You will be able to get help on the Pension Wise website, over the phone or face to face about:

• what you can do with your pension pot;
• the different pension types and how they work; and
• what is tax-free and what is not.

To find out more information about this new service please visit or call them on 030 0330 1001.

Financial Advice

If you are unsure about what to do, you can seek financial advice. If you do not have a financial adviser, you can find one in your area by visiting We recommend that you discuss any decisions you make with a financial adviser. An adviser may charge you for the services they provide. Please note that before a financial adviser does any work for you they must agree with you the amount you are expected to pay for their services.

Please note that seeking guidance or advice is a key part of protecting yourself and your family when making this important and irreversible decision.

Other useful links

You can find more information about the changes introduced by the 2014 Budget by visiting: