TAKING AN EARLY BITE

摘要

The new pension rules are much welcomed. They present greater choices on how to draw benefits and offer the ability to pass on funds on death. The changes broadly fit into one of two categories; pension income flexibility and passing on pension funds on death. However, whilst providing flexibility, the new rules also present taxation issues. It is important to note that the changes impact on defined contribution pensions only, and not defined benefit (final salary) schemes.