In this year's Budget, the Chancellor unveiled radical changes to the way people will be able to access their retirement income together with the biggest shake up to the taxation of pensions in almost a century. The rules around pension savings have been relaxed so that people will find it easier to cash in smaller pension pots and no longer feel forced to use their savings to buy an annuity. The Chancellor stated that people should be trusted to manage their own finances.
One of the other important changes announced in the Budget, and soon to take effect, was the introduction of the New Individual Savings Accounts (NISAs). The changes are welcome: saving looks a bit more attractive than they did, and the post-crisis trend towards greater simplicity and liquidity in savings products has been given a boost.
This supplement looks at the implications of the recent changes relating to the above and other changes which have either come into effect or are due to do so soon
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