The Pensions Revolution Explained – Free Seminars

The radical shake-up of pensions and the tax regime, announced by Chancellor George Osborne last year, is the biggest revolution in the industry for decades, as a consequence, we are holding free seminars in York and Leeds next month (March) to explain the significant changes to the private pensions and tax regime, which take effect from April 6, 2015.

Nick Scull, Tax Partner, explained: “In conjunction with our colleagues at Garbutt & Elliott Wealth Management, we are running seminars in Leeds and York on March 10 and 11 respectively to help guide everyone through this minefield.”

Nick said that the new rules were exciting and, on the whole, beneficial, but there were also a number of factors to be aware of, including:

• No need to take an annuity on retirement or at age 75

• The potential to access all or part of the pension fund at will from age 55

• All untaken funds remain outside the Estate for Inheritance Tax (IHT) purposes

• The money passes tax-free to the spouse etc where death occurs prior to age 75.

These changes open up exciting tax planning opportunities, both as regards income tax and inheritance tax, and will be of particular interest to company owner/managers and those remunerated wholly or partly by dividends.

The changes will also be of interest to anyone already with a pension fund in income drawdown or who may now wish to do so and/or access their pension fund; individuals paying significant annual pension contributions; and those with a potential IHT liability, who either have a current pension plan or would consider setting one up.

The first free seminar will be held on Tuesday March 10 at The Chambers, Park Place, Leeds LS1 2SP, starting at 9.30am. The second will be held on Wednesday March 11 at Merchant Taylors, Aldwark, York YO1 7BX, also starting at 9.30am. Coffee will be provided.

Please contact the events team 01904 464100 events@garbutt-elliott.co.uk to secure your place.