'A-Day'

Was your pension affected?

'A-Day' was when the Government introduced a new simplified tax system for all pension arrangements.

Whether you have already retired or if you are still planning for your retirement, 'A-Day' may have affected you.

If you answer 'Yes' to any of the following questions then you should speak to one of our Independent Financial Advisers.

Did your retirement commence before or just after 6 April 2006?
Are you expecting to start drawing your pension earlier than age 55?
Are you expecting the value of your benefits to exceed the Lifetime Allowance of £1.6m?
Do you want to review your current pension contributions?
Could you be making more of your pension allowance?

For a free review of your pension with one of our Independent Financial Advisers, simply make an appointment here, or visit one of our branches (use our branch finder above to find your nearest one).

The key changes were:

You are able to make annual contributions of up to 100% of your earnings, subject to an annual limit. The limit will be £225,000 in the 2007-2008 tax year.
There is a 'Lifetime Allowance'. This is set at £1.6m for the 2007-2008 tax year and is the maximum you can build up across all your pension arrangements.
The maximum tax-free cash is 25% from all pension schemes and plans.
There is now a wider individual choice and flexibility relating to when and how people save for their retirement.
If you don't want to buy an annuity at retirement but would prefer to draw an income directly from your pension fund, you can now do so indefinitely.