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Pension reform: its future course and tax implications
KEY POINTS
- An outline of the current pension choices.
- Potential tax charges on excessive withdrawals and undrawn pension funds.
- New opportunities will be available when the drawdown limit is removed.
- Income tax and National Insurance implications.
- What will be the role of the tax adviser?
HM Treasury has issued a consultation document Freedom and Choice in Pensions which provides a wide-ranging review of the need for change in this area and how it can be effected.
The consultation questions cover various aspects of retirement provision principally the accessibility of pension wealth and the importance of consumer guidance.
Although the document outlines how the tax rules for accessing defined contribution pensions will change it does not specifically ask for comment on the tax treatment.
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