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Recent changes to retirement planning

What do the Budget changes mean to you?

In the 2014 Budget, the Chancellor announced changes that affect the options open to you if you’re planning to retire in the next 12 months and some proposals for further changes after April 2015. This information is for you if you have not yet retired, not yet taken any of your pension benefits and are thinking of what to do with your pension.

By answering three quick questions, you can get an idea of how the changes could affect you. It will help if you know the type of pensions you have (personal pensions and/or occupational pensions) and how much each one is worth. Your latest pension statement will give you the information you need.

The information we give you here is to help you understand how the Budget announcements have affected the options open to you. This is not advice.

Before you make any decision about your retirement planning, we strongly recommend you talk to a financial adviser. They will assess your personal circumstances and advise you on the best course of action for you. If you don't already have an adviser, you can find one in your area using

Always put relevant information for the fieldset in the legend

For this question, you need to consider all of your pension pots individually including both personal pensions and occupational pensions. If one or more of these pots has a value of less than £10,000 showing on your pension statement, you should click yes to this question.

For this question, you need to add up the value of all of your pension pots - personal pensions and occupational pensions, including defined benefit schemes. You can use the pension pot calculator to help you do this.

WC01080 06/2014


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Budget helpline

Helping you make sense of the budget changes.

0800 046 8406

Monday to Friday
8.30am - 5.30pm
8.30am - 2.00pm

For our joint protection, telephone calls may be recorded and/or monitored.

Need help?

Other options

Do you need an income in retirement? Find out more about ways to fund your retirement.

Do you have more than one pension pot? Find out more about the benefits of combining pension pots.

For more information on how the budget impacts your retirement visit: