The Budget and Pensions

The most recent changes brought about by the budget and change in UK pension laws.

How has the UK budget affected pensions?

George Osbourne’s budgetary announcements have opened up considerable flexibility to pensioners and persons coming up to retirement.
It is now feasible for a retiree to obtain their entire pension pot instead of just the 25% lump sum.


Funds withdrawn after the tax free 25% lump sum can be subject to UK tax laws and percentage thresholds.

In some instances where a person’s collective is unestablished, the pension provider can extract 40% in tax. In this scenario it is up to the individual to then claim back any overpaid tax by submitting a personal (self) assessment with a claim to HMRC

If you take your entire pension pot, remember that only 25% of that is tax free.

Want more information?

Retirement options should never be decided on a whim, they deserve careful consideration. We believe that all our customers should receive the same service and options that we ourselves want in our retirement. If you’re unsure about what is right for you, or you simply want further information to help you make the right decision please talk to us.