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Pension Tax Windfall

The Government may have next April and unexpected tax windfall. It is expected from April 2015,  people will be allowed to access their pension funds, under the new UK Pension reforms.

It is expected that people will be able to withdraw all of their defined benefit scheme savings in one lump sum and then pay tax at their applicable marginal rate.

This should produce a spike in tax receipts which will be a welcome boost to the UK Treasury.