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Bringing your UK pension to sunnier climes
Spectrum, Andrew Wood, Published on 01/02/2015
» In our last article on UK private pension liberalisation, we looked at schemes in the UK and how they are affected by the latest government regulations. From April 6, 2015, any private pension scheme held in the UK may be liquidated and the entire pot withdrawn. While this is a very attractive option for many, the reality is that income tax will be levied on these proceeds at the individual’s marginal tax rate for that year. As a consequence, taking the pot in one go will not be as tax-efficient as taking staged drawdowns each year, or as required.
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