Flexible Pension Withdrawal

Flexible Pension Withdrawal.

Chancellor George Osborne will reportedly confirm new plans to create a new flexible pension withdrawal option, allowing people who save into their pension to withdraw funds from it similar to how you use your bank account.

The new plans were mentioned back in August when the Treasury said they would allow savers to withdraw funds without having to annuitize or move into drawdown. The new option called Uncrystallised Funds Pension Lump Sums, will also allow those who wish to withdraw funds to do so tax free on amounts up to 25%.

The new plans are thought to be available from April 2015.

It is believed that Mr Osborne will make a statement based around savers who have saved all their lives to be able to access their pension funds and pass on their pensions to families.