With six months to go until the biggest pensions changes in a generation, Origen Financial Services announce the six key changes taking effect from April 2015.

Farnborough, Hampshire -- (SBWIRE) -- 11/07/2014 -- The first change, Flexi-Access Drawdown (FAD) allows all those over 55 to drawdown as much as they wish from their pension fund.

The second change reported by Origen allows up to 100% of a pension pot to be withdrawn - known as Uncrystallised Funds Pension Lump Sum (UFPLS). This allows those over age 55 to withdraw some or all of their pension directly from their current scheme without disturbing other pension funds. The money withdrawn would be 25% tax free and 75% liable to Income Tax.

Changes are being introduced to the annual allowances with the new Money Purchase Annual Allowance (MPAA), creating a new threshold that restricts the amount of pension saving for those who have taken income from a FAD or taken a UFPLS. The annual allowance is reduced from £40,000 to £10,000 per tax year. This is less attractive than the current rules for drawdown and may catch out those who withdraw one or more pension pots while continuing to work and accruing further pension benefits.

Origen report the forth key change as a restriction on defined benefit (DB) transfers. In future, DB transfers will only be allowed from 'funded' pension schemes. (Private final salary schemes e.g. Tesco and HSBC) and will not be allowed from Public Sector schemes such as the NHS.

Many DB pensioners will have the flexibility to transfer to the new arrangements. Origen Financial Services announced that their starting point for advice is that transferring out of a DB scheme is not in the member's best interest. Indeed post April 2015, the Financial Conduct Authority has mandated that these transfers will require regulated financial advice.

The fifth change is a relaxation on annuity payments with some lifetime annuity payment restrictions being remove (i.e. the 10 year limit on a guarantee period being uncapped) all of which will drive a new wave of annuity and retirement income products.

The final change reported by Origen is the removal of the 55% death tax charge. For those who die before age 75 death benefits will be tax free, for those who die later they will be taxed at the beneficiary's rate of Income Tax.

Origen Financial Services is a trading name used by Origen Financial Services Limited who are authorised and regulated by the Financial Conduct Authority. Our Registration Number is 192666. Our Registered Office is: Infor House, 1 Lakeside Road, Farnborough, Hampshire, GU14 6XP. Tel: 0844 209 3000 Fax: 0844 209 300

About Origen Financial Services
-Origen Financial Services is one of the UK's largest financial advisory businesses with over 230 employees that are either home based or located in offices nationwide. Over 350,000 private clients, 900 small and medium sized corporate clients and some of the UL's largest organisations retain us as their adviser.

-We are an advice led business which focuses on building strong partnerships with clients, treating them fairly in the delivery of our advice and providing excellent service.

-Origen Financial Services is part of Aegon.

About Aegon
-In the UK, Aegon offers retirement, workplace savings and protection solutions to around two million customers and employs approximately 2,100 staff. Aegon UK's revenue generating investments totalled £58 billion as at 30 June 2014.

-As an international life insurance, pensions and asset management company based in The Hague, Aegon has businesses in over twenty markets in the Americas, Europe and Asia. Aegon companies employ over 27,000 people and have millions of customers across the globe as at 30 June 2014.

Further information: http://www.aegon.com

-The value of an investment can fall as well as rise and is not guaranteed. Investors may get back less than originally invested.

-This information is based on our understanding of current legislation, taxation law and HM Revenue & Customs practice, which may change. The value of any tax relief depends on the individual circumstances of the investor.

-Aegon is the Lead Partner of British Tennis.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Savers will be able to pass on money in their pension pot tax-free to a nominated beneficiary after their death and Origen Financial Services welcomes the move

Farnborough, Hampshire -- (SBWIRE) -- 10/02/2014 -- Under plans announced today by George Osborne at the Conservative Party Conference, savers will be able to pass on money in their pension pot tax-free to a nominated beneficiary after their death. This announcement was originally due to form part of in December's Autumn Statement but the Chancellor has brought this piece of good news forward.

The Chancellor will remove a 55% tax charge that currently applies to untouched 'defined contribution' pension pots left by those aged 75 or over, and to pensions from which money has already been withdrawn, by allowing individuals to pass on their pension if they die. The inheritors will now only pay the marginal Income Tax rate on any withdrawals, or no tax at all if the deceased was under 75. The Treasury predicts the new policy will cost approximately £150m per year.

Mark Pearson, Director Business Development, Origen comments:

"We welcome these changes. We have always felt that the current 55% tax charge on death benefits for those in drawdown or over age 75 was unfair. We believe that these changes, coupled with the increased flexibility being made available from next year, will encourage more savings into pensions. We also expect more and more customers to utilise a 'drawdown' solution in the future rather than purchase an annuity. One note of caution is that drawdown plans can need careful management to ensure any income drawn is sustainable and professional advice is often needed to ensure the pension pot doesn't run out."

Pearson continues: "Those customers who are invested in pensions and are approaching, or past, their 75th birthday may need to reconsider who they nominate to receive death benefits from their pension. This rule change may also affect some death benefit planning that has already been put in place, such as spousal bypass trusts. We await the full detail of the proposals and will update any affected clients in due course."

About Origen Financial Services
Origen Financial Services is one of the UK's largest financial advisory businesses with over 230 employees that are either home based or located in offices nationwide. Around 400,000 individuals, 900 small and medium sized businesses and some of the UK's largest organisations retain us as their adviser.

-We are an advice led business which focuses on building strong partnerships with clients, treating them fairly in the delivery of our advice and providing excellent service.

-Origen Financial Services is part of Aegon.

Aegon

-In the UK, Aegon offers retirement, workplace savings and protection solutions to around two million customers and employs approximately 2,100 staff. Aegon UK's revenue generating investments totalled £58 billion as at
30 June 2014.

-As an international life insurance, pensions and asset management company based in The Hague, Aegon has businesses in over twenty markets in the Americas, Europe and Asia. Aegon companies employ over 27,000 people and have millions of customers across the globe as at 30 June 2014.

Further information: www.aegon.com

-The value of an investment can fall as well as rise and is not guaranteed. Investors may get back less than originally invested.

-This information is based on our understanding of current legislation, taxation law and HM Revenue & Customs practice, which may change. The value of any tax relief depends on the individual circumstances of the investor.

-Aegon is the Lead Partner of British Tennis.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

From April next year, people will have much more flexibility on how they take their defined contribution pension. Origen welcomes these changes and will be fully integrating them into its advisory services.

Farnborough, Hampshire -- (SBWIRE) -- 08/14/2014 -- Under the new regime, everyone aged 55 and over with savings in a defined contribution plan will be allowed flexible access to some or all of their pension savings. The option of taking a tax free lump sum of 25% of the pension fund will remain; to help people understand their additional retirement options, free and impartial guidance will be available. This will be provided by an independent organisation, such as the Money Advice Service or The Pensions Advisory Service. The guidance will not include advice or any specific recommendations and will not take account of people's personal circumstances.

Mark Pearson, Director, Business Development at Origen Financial Services comments: "We provided a detailed consultation response to the Treasury and I am delighted to see that a large number of our recommendations have been taken forward. Therefore we welcome these changes and will be fully integrating them into the day to day award winning advice we deliver to our clients."

The changes being introduced include a reduced annual allowance for future tax-relieved contributions of £10,000 per annum (currently £40,000), where people wish to continue paying into their pension while drawing down benefits. This is to prevent abuse of this new flexibility. In addition members who have not yet taken their final salary pension will be able to benefit from the new flexibility by transferring into a defined contribution arrangement. As a safeguard, anyone undertaking such a transfer must be able to prove they have taken advice from a financial adviser. Those members with smaller defined benefit pensions can access their funds as a lump sum from age 55.

Tax rules are to be loosened to help the annuity industry innovate in order to help people get decent quality guaranteed income products. There are also plans to reduce the death benefit charge, which currently stands at 55%. Further details of this will be published in the Autumn Statement later this year. It will be possible for payments from guaranteed annuities to be paid directly to beneficiaries as a lump sum, provided the annuity is worth less than £30,000. In addition, the minimum age for accessing a private pension is moving from 55 to 57 in 2028 and will remain linked at 10 years below state pension age.

Origen stresses that the changes to legislation, Her Majesty's Revenue & Customs practice and tax laws required to bring in this new pension flexibility have not yet been made and the current proposals are open to interpretation. Anyone wishing to find out more should seek professional advice and not take any action on the basis of this news release.

About Origen Financial Services
Origen Financial Services is one of the UK's leading financial advisers. As an advice-led business it focuses on building strong partnerships with clients. Origen provides financial advice to private clients, small to medium sized businesses and employees of some of the UK's largest organisations. Origen Financial Services is part of the Aegon Group.

Press Contacts:

Richard Jones
Head of Marketing
Origen Financial Services
Farnborough, Hampshire UK
richardjones@origenfs.co.uk

Origen Financial Services Limited is authorised and regulated by the Financial Conduct Authority. Our Registration Number is 192666. Our Registered Office is: Infor House, 1 Lakeside Road, Farnborough, Hampshire GU14 6XP. Tel: 0844 209 3000, Fax: 0844 209 3001.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

The New Individual Savings Account (NISA) announced in the Chancellor’s 2014 budget has been designed to help savers by rewarding them with complete flexibility to save or invest as they wish.

Farnborough, UK -- (SBWIRE) -- 07/17/2014 -- From 1 July all ISA accounts become NISAs reports Mike Morris, Technical Manager at Origen Financial Services. This applies equally to any new accounts subscribed to and any existing accounts. Mike details the key changes below:

NISA – An easier more flexible way to save

- The annual allowance increases to £15,000 from 1 July – a big jump from £11,880 in the current tax year

- Savers can choose how they want to invest their NISA - use up to the full £15,000 in either a cash NISA or a stocks and shares NISA, or any combination of amounts up to the £15,000 limit

- Savers are able to transfer previous years' ISA savings freely between stocks and shares and cash (previously they could not transfer from cash to stocks and shares)

- Savers can hold cash and investments within their stocks and shares ISA, removing the need for two separate accounts (if the provider allows this)

"The NISA will reduce confusion on the amounts which can be saved in cash or stocks and shares, and more importantly giving people more flexibility to earn tax-free interest" Mike Morris.

Why is this changing now?

The ISA allowance is set by tax year and is normally reviewed each year by the Chancellor. The NISA was launched 1 July to allow providers time to accommodate the new rules which were only announced in the March Budget. If savers have made any payments since 6 April 2014, these will simply be offset against the new £15,000 allowance.

Mike Morris highlights that fact that any savings within a NISA are free from Income Tax or Capital Gains Tax, so these should form an essential part of any individuals financial planning.

About Origen Financial Services
Origen Financial Services is one of the UK's leading financial advisers. An advice-led business focussed on building strong partnerships with clients and providing financial advice to private clients, small to medium sized businesses and employees of some of the UK's largest organisations. Origen Financial Services is part of the Aegon Group. For more information visit http://www.origenfs.co.uk/

About Aegon
In the UK, Aegon offers pensions, life insurance, asset management and financial advice to around 2 million customers, has assets under administration of £53.6bn, employs around 3000 employees and is a FTSE 4good listed company.

As an international life insurance, pensions and asset management company based in The Hague, Aegon has businesses in over twenty markets in the Americas, Europe and Asia. Aegon companies employ approximately 25,800 people and have millions of customers across the globe as of 31 March 2013.

Aegon is the Lead Partner of British Tennis.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm