Atkin trustees, actuaries, consultants & administrators

Budget 2014 - implications for DB pension schemes

The 2014 Budget included far reaching proposals that will impact both DB and DC schemes:

- From April 2015, DC members will be able to access their pension savings in any way they wish. In particular, a penal tax rate will no longer apply if they choose to withdraw their savings as a lump sum. Instead it will be at their marginal rate.

- A "guidance guarantee" is to be introduced where individuals considering a transfer value should be provided with free, face to face guidance covering the entire range of options.

- A consultation exercise is to be carried out to consider managing how transfers from DB to DC schemes work - this could result in a blanket ban which is already intended to be applied to public service pension schemes.

In the attachments we have summarised the proposals and their implications for DB schemes.

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