We previously advised you that in the Budget held on 19 March 2014, some change as to how pension benefits can be taken at retirement were announced. Since then, the Government has provided further information regarding these changes.
From 2015, those who are saving towards a pension will have unprecendented freedom over how they take money from their pensions at retirement. They’ll even be able take the whole fund as cash from age 55.
Although this new freedom will be available to members, at the moment some of the options are not available directly from the Kingfisher Pension Scheme. The Trustee will be reviewing this over the coming months and will communicate how these changes will impact on the Scheme in advance of their introduction in April 2015.
To read further about these changes, Hargreaves Lansdown has released a factsheet to help you understand them. To download a copy please click here.
The Government has also released a communication which provides an explanation as to how the new system will work and what it means to you. To view this please click here.
This website will continue to be updated over the coming months with further information as it is known, however please feel free to contact Zurich, or the Kingfisher Group Pensions Department should you have any queries.
Links to other sources can be found on the right hand side of this page.
