How the changes in pension drawdown rules might affect you
The changes in the pension drawdown rules earlier this year have been well-publicised. As from April 2015 a person aged 55 or over has the option to draw a tax free lump sum of up to 25% of the value of their pension. While this gives the person holding the pension more flexibility it can have adverse consequences for their spouse in divorce. There is now a risk that a spouse who reaches the age of 55, prior to a final Financial Order being made, could withdraw 25% of the value of their pension in an attempt to dissipate …