Punter Southall has published an A-Day survival guide providing tips and tackling questions people may be asking in the run up to its launch.
The guide is the first in a series and targets high earners, those people nearing their retirement or people with unusual benefits, according to the Pension consultancy.
Punter Southall urges people to seek advice relevant to their individual circumstances and needs, so as not to miss out on a ‘large number of complicated opportunities’.
The guide addresses various consumer questions including:
Punter Southall point out there may be advantages for most cases include the amount of tax-free cash one can take will be increased, with an example: If ythe client's cash lump sum entitlement amounts to 10% of their pension rights on 5 April 2006, they will be entitled to take 25% of those rights as cash if they just defer retirement until 6 April 2006.
“Under current rules, you can take your lump sum separately from your pension in these circumstances. So you can take a lump sum before A-Day and then, when you take your pension after A-Day, it appears that you will be able to take a further 25% of your pension as a lump sum," says the guide.IFAonline
£300bn of liabilities
View from the front row
Transfer from occupational scheme
Appointed by FCA and PSR boards