Regulatory Statements
'Gardner Financial Services is a trading name of GFS(Moray) Ltd which is authorised and regulated by the Financial Conduct Authority.'
The guidance and / or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted to customers in the UK.
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Gardner Financial Services

Telephone: 01309 675757

Gardner Financial Services

Pensions Simplification.

'A' Day (the Appointed day) arrived on 6th April 2006 and brought with it sweeping and radical changes in relation to pension legislation. This has created a single universal regime to replace the previous eight tax regimes and the changes have affected savers in occupational and personal pension schemes, employers and financial advisers.

Pension simplification introduced two new controls, the pension Lifetime Allowance (LA) and pension Annual Allowance (AA).

From April 2006, there is now just one set of tax rules for all types of pension, with an individual LA of £1.5 million (2012/2013) and an individual AA of £50,000 (2012/2013). All individuals will be able to fund up to these limits with the possibility to also carrying forward unused AA from the previous 3 years of up to £50,000 per annum.

Exceeding the LA or the AA will simply trigger a tax charge.

Other changes included:

  • Early retirement age available from age 55
  • Wide investment flexibility
  • Up to 25% Tax Free Cash
  • The ability to commute 'small' funds of less than £18,000, as a one off lump sum as opposed to having to draw a regular income from age 60
  • Flexible options at retirement when deciding to take benefits such as capped and flexible drawdown
  • No need to 'have to' secure benefits at age 75 via an annuity


Why not contact us to review your retirement planning?