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To draw or not to draw - taking cash out of your pension
Are you considering drawing a lump sum from your pension before the Autumn Budget? One of the major tax benefits of saving through pensions is that, generally, 25% of the pension’s value can be drawn as a lump sum, free of income tax, up to a maximum of £268,275. From the point of view of the law, that cash is defined as a pension commencement lump sum (PCLS) which, as the name suggests, must be taken at the same time pension income starts to be drawn. In practice, the level
Michael Hill
Oct 14, 20252 min read
The stamp duty tangle – a useful lesson
The former Deputy Prime Minister Angela Rayner’s recent problems with stamp duty land tax (SDLT) offer a salutary lesson. In early...
Michael Hill
Oct 8, 20252 min read
Inheritance tax and pensions: the follow up
The government has published its reply to the many responses made to last October’s consultation paper on bringing pensions within the...
Michael Hill
Oct 1, 20252 min read
Lacking confidence on later life planning?
The Department for Work and Pensions (DWP) have been surveying 40–75 year olds, with some interesting responses. The DWP have recently...
Michael Hill
Oct 1, 20252 min read
Interest rate cut goes through… on a second vote
August’s cut in interest rates of 0.25% was far from straightforward and has implications for future moves. Source: Bank of England The...
Michael Hill
Sep 24, 20252 min read
The State pension age under review again
Shortly before Parliament closed for its summer holidays, the government announced a review of the State pension age (SPA). Pensioners...
Michael Hill
Sep 17, 20252 min read
Please note that historic articles may contain information which is now out of date and no longer accurate. None of these articles should be taken as advice.
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