ENJOYING ACCESS TO ONE’S PENSION SAVINGS

Over the last couple of years we have assisted many clients to access their pensions – either for lump sums to help family members or other projects, or to set up a regular income to supplement their current income.

The minimum age for accessing pension benefits currently is 55. Most people will be able to take 25% of the pension fund value as a tax-free cash lump sum. You can also access more of the pension but money taken this way is taxable and may affect your ability to add money to a pension in the future. Please contact us if you wish to find out what options are available to you with your pensions.

WELCOME TO THE NEW TAX YEAR!

TAX NOTES FOR 2017/18 from the Budget

Personal Allowance £11,500 (reduced for those with incomes over £100,000)

20% Rate Tax Band £33,500 (adding in the Personal Allowance of £11,500 means that your income would need to be in excess of £45,000 before the 40% tax rate would start to be charged)

Annual ISA Allowance £20,000 (up from £15,400 last year)

Lifetime Pension Allowance £1 million

Inheritance Tax Nil Rate Band £325,000 (same as last year)

Annual Pension Allowance £40,000 (reduced for those with incomes over £100,000)

Rent-A-Room Allowance £7,000 per annum tax free (same as last year)

National Living Wage £7.50 per hour (up from £7.20 per hour last year)