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.

To read the views of our team, please visit the viewpoint tab.

 

 

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