new pension reforms

Pension Freedom Reforms to Fuel Rise of ‘Later-Life Entrepreneurs’

Pension Freedom Reforms to Fuel Rise of ‘Later-Life Entrepreneurs’

One in 10 people set to retire in the next 18 months intend to start a business or go into consultancy, following new pension freedom reforms which mean over 55s can access their pension in lump sums. The new reforms enable anyone over the age of 55 to use their accrued pension fund in any way they wish, including taking their entire pension fund out in a single amount. The research from AXA Wealth, which featured 1,500 UK residents, found that the average retiree’s pension fund was £550,000 and, of the one in 10 planning to go into business, 47% expect to use a quarter of their fund to obtain a tax-free cash injection to launch a company. As a result of the new reforms, industries including is healthcare, transport and travel, professional services, manufacturing, IT, education, HR, arts ... »