Pension freedoms anyone?

30 May Pension freedoms anyone?

Well, at last they are here! The much anticipated pension freedoms announced by the (no longer) pensions minister Steve Webb last year. Freedom to ‘buy a Lamborghini’ with your pension pot if you want. However you would need a pretty big pension pot to do that with the maximum tax free lump sum soon to be 25% of £1M from April 2016 and you don’t want to go there if you need to use the taxable bit. From an adviser’s point of view pensions have never been so exciting, with options galore! Possibly from a client’s point of view they’ve never been more daunting, or complicated with no clear ‘choose me, I’m best’ option. Not to worry though, help is at hand!