Get to grips with ‘pension freedom’ rule changes at our free to attend event

NEW ‘pension freedom’ rules will come into effect on April 6 and TheBusinessDesk.com is partnering with regional financial services specialist Wealth Design at a free to attend event outlining what those changes will mean for you, your business and your clients.

Much has been written about the death of the annuity and whether the ‘Lamborghini factor’ will see many pension plan holders ‘blow the lot’, but the changes go a lot deeper than those headlines.

David Phillips, a director at Cannock-based pension specialist Wealth Design, will be one of the speakers at the event, which takes place at 8am for an 8.30am start at Opus Restaurant in Cornwall Street, Birmingham, on Tuesday March 17.

He said: “As with all aspects of changes in legislation the dangers are in the detail and it is no different with the forthcoming ‘pension freedoms’. 

“Whilst much is made of the refreshing move to allow pension holders the freedom of access to their pension savings and to draw out of their funds as they wish, there are other important matters that are not being highlighted.

“For example, the rules of the game are changing in relation to the removal of the potential 55% tax charge on death in favour of benefits being tax-free (under age 75 years). This is a big ‘game changer’ and clients need to consider not utilising their pension fund, given the tax-free treatment outside the rules of inheritance tax, and utilise their ‘estate assets’  – ISAs, cash, bonds etc – as it can save huge amounts of tax being paid unnecessarily.”

Other speakers are being lined up for the event and will be announced in due course.

The intention of the event is to simplify changes to the pension regime for a business audience.

As Phillips said: “In 2006 the Government introduced ‘pension simplification’ but the world of pensions is as complicated as ever.”

If you would like to attend this event please register your interest here.

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