There is a fly in the pension freedom ointment, writes Neil MacGillivray. Pension schemes are simply never going to be bank accounts…
Every time the Chancellor made an announcement in 2014, it generated the types of headlines on the pension tax regime usually reserved for, well, less staid topics. The countdown is now on to when the new ‘sexy' pension regime comes into effect. The first thing we have to familiarise ourselves with is some new terminology. Flexi-access drawdown perhaps rolls off the tongue and is self-explanatory but uncrystallised funds pension lump sum (UFPLS) unfortunately does neither and may just be an unnecessary complication. Armed with either of these options a member can access the fund...
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