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Wider Availability of Tax-Free CashUnder the old rules some plans, such as certain occupational schemes (typically those of directors) allowed more than 25% of the fund to be taken as tax-free cash when the plan was vested. In some cases it was possible to take the whole fund as tax-free cash. However if benefits were not taken before “A-Day” this excess over the 25% level must be protected or it will be lost. Prior to A-Day no tax-free cash could be taken from Protected Rights or Additional Voluntary Contributions (AVC) benefits. Following the changes it is now possible to take tax-free cash of 25% from Protected Rights and AVC’s in the same way as other plans. |
In 2001 as employed and self-employed architects respectively, each with a broad range of pension and other investments, approaching pensionab ... click here for more
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