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Since 6 April 2006 there have been lots of changes to the way pensions operate in
the UK. It’s all been aimed at offering you far more interesting and attractive
methods of saving and investing for an income in the future.
About the recent pensions regulations:
- Pensions are simpler. This has been done to help people feel more comfortable with
pensions and encourage them to save for an income in the future. It means you can
take the benefits from your plan at any time from age 50 (age 55 from 2010). You
don’t need to retire.
- There's now far more freedom of choice and flexibility when it comes to planning
for the future.
- There’s a broader range of options when you come to take your benefits.
Main features:
- An annual allowance.
- A lifetime allowance.
- A tax-free cash allowance (when you decide to take your pension benefits).
- More options to choose from (such as new types of annuities).
- A number of ways to protect your existing pensions benefits to ensure you’re not
disadvantaged after A-Day.
- Changes to the current retirement and pension age limits.
How has A-Day affected you?
Frequently asked questions about A-Day
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