{"id":1195,"date":"2015-03-03T09:29:00","date_gmt":"2015-03-03T09:29:00","guid":{"rendered":"http:\/\/www.newsfin.co.uk\/news\/?p=1195"},"modified":"2015-03-03T09:29:00","modified_gmt":"2015-03-03T09:29:00","slug":"cashing-in-pension-benefits","status":"publish","type":"post","link":"https:\/\/www.vizionwealth.co.uk\/news\/cashing-in-pension-benefits\/","title":{"rendered":"Cashing in pension benefits"},"content":{"rendered":"<h3>New system to encourage further pension saving<\/h3>\n<p>Currently someone in income drawdown cannot receive tax relief on future contributions. To encourage further pension saving under the new system:<!--more--><\/p>\n<p>If they&#8217;re currently in flexible drawdown, they will have a new annual allowance of \u00a310,000<\/p>\n<p>If they drawdown more than 25% tax-free lump sum from a defined contribution pension, they will still be able to make further tax-relieved pension contributions to a defined contribution pension of up to \u00a310,000 per year<\/p>\n<p>The lower annual allowance will only apply if they&#8217;re taking a pot worth more than \u00a310,000. If<br \/>\nthey take a pot under \u00a310,000, the standard annual allowance will apply<\/p>\n<p>If they&#8217;re in capped drawdown on 5 April 2015,<br \/>\nthey will benefit from the standard annual allowance until you take advantage of the new flexibilities and withdraw more than the maximum capped drawdown amount \u2013 when the \u00a310,000 annual allowance would then apply<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New system to encourage further pension saving Currently someone in income drawdown cannot receive tax relief on future contributions. To encourage further pension saving under the new system:<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,5],"tags":[],"_links":{"self":[{"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/posts\/1195"}],"collection":[{"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/comments?post=1195"}],"version-history":[{"count":0,"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/posts\/1195\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/media?parent=1195"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/categories?post=1195"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/tags?post=1195"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}