🚨 Attention, Pension Savers! 🚨 Big changes might be coming your way! 💰
Rumour has it that the Autumn Budget from the Labour Party could shake things up for pensions. Currently, you can enjoy a 25% tax-free chunk from two different pensions, but experts are warning this could change—or even disappear entirely! 😱
Chris Ball, CEO at Hoxton Wealth, suggests these changes might be on the horizon, courtesy of Rachel Reeves. If you’ve been eyeing your tax-free lump sum, now might be the time to act. With potential reductions or removals looming, it’s worth considering your options. ⏳
Nick Nesbitt from Forvis Mazars is echoing the sentiment, describing such changes as “unneeded and unwanted.” He warns that this would add another hurdle for pension savers, alongside the expected inheritance tax adjustments from April 2027.
Nick emphasises the importance of encouraging long-term saving in the UK and cautions that cutting the tax-free allowance might deter folks from investing in pensions altogether. 🙄💡
Thinking of tapping into your pension now? You could still secure that 25% lump sum tax-free. Plus, there’s a nifty trick—drawing down parts of your pension to get 25% of each withdrawal tax-free, which might just work in your favour! 😉
Whether planning to help your grandkid with school fees or simply ensuring financial stability for loved ones, these strategies can be a lifeline. 💷👩👧
Don’t get caught off guard! Stay informed, weigh your options, and maybe consider acting swiftly before these changes potentially come into play. Let’s navigate these changing tides together, one informed decision at a time! 💪🔍
#PensionChanges #AutumnBudget #FinancialPlanning #TaxFreeLumpSum #UKFinance