A-day brings investment opportunity for pension scheme members

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Financial Services > Pensions > News

A-day brings investment opportunity for pension scheme members

Thu, 28 Jul 2005

Nearly half of Britons do not intend to withdraw the tax-free lump sum from their pension scheme fund when they reach retirement age.

When new pensions rules come into effect on April 6th next year – A-day – people reaching retirement pension will be able to take out as much as a quarter from their pension scheme fund entitlement.

However, Bank of Scotland Investment Service research found that 49 per cent of people approaching retirement age do not plan to take advantage of this tax-free opportunity.

The bank's investment service believes that provided that annuity rates remain low, this withdrawal could provide people with great investment opportunities, giving them the chance to increase their retirement pension income.

According to Bank of Scotland's Alan Jones, A-Day will bring change pension rules significantly and it is imperative that all pension scheme members know how they will be affected personally.

"Some people may find that they currently have a pension which entitles them to take more than a 25 per cent tax-free lump sum and they need to take action now to protect this benefit," Mr Jones warned.

Bank of Scotland Investment Service (BOSIS), part of the HBOS Group, specialises in providing strategic financial planning services to both individuals and business.

Financial planning services offered include tax-efficient saving and investment, pension and retirement planning and inheritance planning.

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