Individuals taking advantage of new pension rules

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Since 6 April 2015 over half a million people in the UK aged 55 and over have been able to take advantage of the new rules for accessing pension savings. The new rules allow individuals ways to access their pension pots by taking lump sum payments. The first commuted 25% is tax-free and the remainder drawn is taxed at the individual’s marginal rate of tax in the year it is drawn.

Figures published by HM Treasury have revealed that since April 15, 60,000 people have taken advantage of the new pension rules and more than £1 billion has been withdrawn from pension funds.