Those hoping to draw down UK pension funds should check with their scheme providers – they may not be allowed. Expats hoping to use new UK pension freedom rules to release cash to help their children get onto the property ladder or pay university fees may find it more difficult than expected.
3rd February 2015
Under new government rules that come into force in April, people with UK defined contribution pension schemes will be able to withdraw money from their pension as and when they wish once they reach 55.
The first 25pc is tax-free and the remainder will be taxed at their marginal rate. They can even take the entire amount as a lump sum – subject to relevant taxes – but it will be up to the pension schemes themselves to determine whether they allow members to do this.
Read the complete Telegraph article here: