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Bulletin Issue 7 : August 2014
This Month : Pensions Unlocked

Welcome to our Latest Bulletin!

Dear Client,

We hope this bulletin will keep you up-to-date with topical financial matters that can directly affect you… and your money!

"The most radical change to pensions in almost a century"

Key fob

This is how George Osborne described his consultation on freedom and choice in pensions announced in the March Budget. The Treasury response to the proposed changes in pension rules came on 21st July and (subject to final ratification in the Autumn Budget Statement) they will come into effect from 6th April 2015.

These changes bring almost total flexibility to retirement planning and are designed to encourage everyone to save for retirement by giving us greater choice.

Essentially you will be able to do whatever you choose with any funds you have saved. You will still pay income tax at whatever is your normal rate regardless of how you decide to use your money, but you will have the flexibility (if appropriate) to ensure you pay only the minimum amount of tax.

What is clear is that it's now in all of our interests to fully understand the options available to us.

Cashing in small pension pots

Pension nest egg

You may have what you think of as trivial amounts locked away in pensions related to a job or a period of employment from many years ago. But with the new pension changes it will now be possible to cash in small pension pots (subject to income tax). This could give greater relevance to those old documents you have filed away somewhere!!!

Pensions can be passed on to beneficiaries and the current tax on death for pensions is 55%. However, the Government is committed to reducing this tax, as well as increasing the flexibility of this process.

Most of us have found the complex rules involved in pensions difficult to grasp and quite understandably, we have often avoided the subject whenever possible.

We believe the time has now come when it is important and entirely possible for each and every one of us to understand what pension provision we already have in place... and what planning is required to provide tax efficient funding for later life. 

Therefore, it is Integra's intention to begin contacting all clients, to discuss the potential impact of these changes on you individually. However, if you would like to begin the process by contacting us yourself please feel free to do so.

regards, Jeremy Hill


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If you have any queries regarding this correspondence, or if you have any other matter which you would like to discuss, please do contact us.  
Integra Financial Services Limited is authorised and regulated by the Financial Conduct Authority (FRN 612749). Registered in England & Wales at 1 Summerwood, Charters Road, Sunningdale, Ascot, Berkshire, SL5 9SQ. Company Registered Number - 6390466