Budget 2014: Removal of restrictions on pensions access will net government £1.2bn a year by 2019

Jonathan Stapleton
clock

The reduction of the withdrawal tax rate from 55% to an individual's marginal income tax rate will increase tax income by £1.2bn a year by 2019, Budget documents show.

From April 2015, the government plans to allow anyone over the age of 55 to take their entire pensions pot as cash, subject to their marginal rate of income tax in that year. But it said the cha...

To continue reading this article...

Join Professional Pensions

Become a Professional Pensions Lite Member today

  • Three complimentary articles per month covering the latest real-time news, analysis and opinion from the industry
  • Receive important and breaking news stories via our two daily news alerts
  • Hear from industry experts and other forward-thinking leaders

Are you a trustee, investment consultant or in-house pension and benefit scheme professional? You can apply for full complimentary access here

Join now

 

Already a Professional Pensions
member?

Login

More on Industry

Buzz: Is it a positive move the Pension Schemes Bill has passed into law?

Buzz: Is it a positive move the Pension Schemes Bill has passed into law?

Pension Schemes Bill, funded reinsurance regulatory requirements, and PASA accreditation

Professional Pensions
clock 05 May 2026 • 1 min read
WTW completes acquisition of Cushon following FCA approval

WTW completes acquisition of Cushon following FCA approval

Transaction means WTW now manages more than £30bn of master trust assets

Holly Roach
clock 05 May 2026 • 1 min read
Public voice must be heard when it comes to future pension reform, report says

Public voice must be heard when it comes to future pension reform, report says

Cross-industry group calls for the introduction of a citizens’ assembly on future of UK pensions

Martin Richmond
clock 05 May 2026 • 5 min read
Trustpilot