Budget Day

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So the Chancellor today announced a budget aimed to help savers and pensioners. Forgive me but I saw nothing that actually increased interest or annuity rates and I'm still a long way off 65, so there is no likelihood of me benefiting from the introduction of Pensioner Bonds. 

Still it seems that from next Thursday access to flexible pension draw down arrangements will become easier when the threshold reduces to £12,000 pa for other income as opposed to the current £20,000. 

Also, and even with capped draw down, there is to be enhanced access to funds and I shall be able to take 150% of an equivalent annuity each year. Effectively I can gallop through my pension funds at a quicker rate than I might previously have imagined, and to help me there is even going to be a very slight increase to the level of income I can take before paying higher rate tax. 

However, and with total flexibility on offer, I could opt to limit my pension income to £10,500 pa and take advantage of an extra £5,500 tax free allowance on savings income.

Is it actually now enticing enough to make a contribution to my pension funds before the end of the tax year in just over 2 weeks time? 

Oh dear, I feel the need to drop an e-mail to the IFA but suspect that he may be inundated.



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