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Old 22nd Jul 2014, 14:12
  #42 (permalink)  
Al R
 
Join Date: Jul 2007
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Fod,

No, if you're growing wealth still, it won't - it applies just to those taking it out, or drawing down - just retirees. If you are still growing it, it might be worth checking out the legislation which is going to involve establishing a number of small pots.

News is still trickling out about the changes. For instance and on another note, the incremental increases given to retirees deferring state pension payments will be almost halved to 5.5% for anyone reaching state pension age after 2016.

The new rate will be 1/9th of 1% for each week the pension is not claimed - in other words, a 1% increase for every nine weeks of deferral or just under 6% increase for each year. Therefore, if you defer for one year after 2016, you'll have to live 19 years to benefit from the decision (compared to 10 years, currently). It still might be appealing to some who are in good health, earning well etc.

More to come out I'm sure, in the meantime here you go..

https://www.gov.uk/government/upload...nse_online.pdf

http://www.parliament.uk/documents/c...y-Pensions.pdf
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