Pensioners in the UK have survived serious pension threats with frozen pension. At times, it seemed as if the professionals are moving toward no retirement era facing severe pension crisis. Besides the frozen pensions, there have been problem in transferring funds with a protected level of tax-free cash to pension scheme of another company. The objective was to avoid buying an annuity, but the issue was that it caused extra tax-free cash entitlement to be lost.
But this year, changes have been welcomed wholeheartedly to allow pensioners to transfer their funds with a bigger lump sum enjoying more tax benefits. If you are a dedicated saver then you can jump on the new rules on pension tax depicted through a flow chart: