Monday, 24 March 2014

Pension Reforms

With us about to start auto enrolment pensions we were interested to hear about government plans to overhaul pensions announced in Wednesday's Budget.

The proposed reforms will allow people to spend their pension pots how they wish rather having to buy an annuity, which guarantees an annual income.

The new rules are due to come in from April 2015, subject to consultation, with some existing regulations to be relaxed from Thursday.

We all know the annuities and pension market currently does not work well for people who have saved all their lives.

Reform was well overdue and the changes that people have more flexibility about how to access their money should shake up the market.

No comments:

Post a Comment