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<p /> <p /> <p>The Budget announced that from April 2015, the tax rules for how people
access their defined contribution pension savings will be simplified to allow individuals
aged 55 or over to withdraw their savings however they wish, subject to their marginal
rate of income tax.</p><p> </p><p>Allowing individuals to exercise greater choice
over how they access their retirement savings may mean that some people who would
have previously chosen to opt out may no longer do so. This is more likely to have
an effect on the choices of older workers.</p>
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