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16/04/2014

First pension changes now in effect

pension changesThe first stage of the pension reforms as announced in the 2014 Budget has now come into effect.

Starting on 27th March 2014, the limit for cashing in pensions will be raised to £30,000, increased from the previous combined value of all pension pots being no more than £18,000.

The limit on the size of small private pensions that can be cashed in has been raised to £10,000. Previously, small private pensions could be cashed in, provided they were no more than £2,000 each.

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