Since 2015 there has been a lot of media coverage about the significant changes the government introduced as to how pension savings can be accessed. The main headline was that individuals would no longer need to purchase an annuity with their pension savings.

These changes are good news for all pension savers, with many already taking advantage. However, the increased flexibility and greater choice over how and when you access your pension savings could lead to many people making the wrong decisions and paying unnecessary tax.

Under the new rules, you can now also pass on the wealth built up through your pension savings to anyone you choose to (so perhaps grandchildren or another) with the funds still remaining within their tax-efficient ‘pension wrapper* until they are needed. Before these changes, you could only pass on your pension savings to one of your dependants (typically a spouse, civil partner or children).

With all these changes in mind, it’s now more important than ever to get advice on your retirement options.

* HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen.

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Within Savant we have established individuals with the experience, expertise and knowledge that allow us to address, analyse and create solutions for the needs of all our clients.

Together with our passion to add value in a real and tangible manner demonstrates our desire to always put our client’s interests first and underpins our culture of treating customers fairly in everything we seek to do.

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