Pension Changes April 2015

The Government are introducing changes to pension regulations from 6 April 2015. This may effect many people across the country, enabling wider choice at retirement. The changes apply to “defined contribution” (DC) arrangements but not to “defined benefit” (DB) arrangements (follow the link below to see which type of Lafarge UK Pension you have).  

What are these changes?  Before April 2015 an individual could take 25% tax-free cash and the rest of the DC pension pot would generally be used to buy a pension.  From April 2015, once an individual is aged 55, they can still take 25% tax-free cash but can take the remaining 75% of the DC pot as a one off cash sum or a series of cash sums as an alternative to buying a pension.

Some of the Plan's deferred and active members may wish to consider the increased range of options as they approach retirement.

As a first step, you may be interested to note the Government have set up an official website "Pension Wise" regarding all possible changes. Please Click>Pension Wise for more information.

 

What type of pension do you have with the Lafarge UK Pension Plan ?

To see the wider choice of options now available to you as you approach retirement, please follow the link below.

Click>What Type of Lafarge UK Pension do I Have?

The Pensions team in Dorking will be happy to assist with any questions you may have by contacting the helpline 01306 872100.

Any correspondence should be sent to: Lafarge UK Pension, Park Lodge, London Road, Dorking, Surrey, RH4 1TH.