What are the new rules on accessing pension pots?

 

New rules were introduced on 6 April 2015 which give pension scheme members more options on how they can access their pension savings from age 55 onwards.

 

Before 6 April 2015, many people chose to buy an annuity from an insurance company. Nowadays, it’s possible to take your pensions savings as one cash lump sum, or smaller cash lump sums.  This means that our members are choosing other options not just considering buying an annuity product.

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