New rules will come into force in April 2015, which will dramatically increase the flexibility of pensions, hence the widely used term ‘Pension Freedom’.
Savers over the age of 55 will be given the option of taking a number of smaller lump sums, instead of one single big lump sum and, in each case, 25 per cent of the sum will be tax-free.
Many people approaching retirement are still very much in the dark as to what these changes mean for them and as a result, the Worthing-based Carpenter Box Wealth Management team will be holding free weekly Breakfast Briefings from 20 January to mid- March to explain the changes.
Simon Fox, managing Partner Carpenter Box Wealth Management, said: “The purpose of the briefings will be to provide clear and concise information on the legislation changes and explain the opportunities and risks in a language that the general public can understand.”
The Breakfast Briefings will be held at Carpenter Box HQ in Worthing and will run between 8am and 9am every alternate Tuesday and Thursday from 20 January to 17 March. People are very keen to find out more as highlighted by the responses received so far.
Places are limited so if you would like to attend either register via the http://www.carpenterbox.com/event-pensions or contact Lucy Tunstall at Carpenter Box on 01903 234094.