Calls for crackdown on drawdown charges Which? the consumer group wants the Financial Conduct Authority (FCA) and Government to intervene in the drawdown market to ensure people are not confused by the wide range of charging options. Which? research has revealed huge differences in what pension providers are charging people looking to benefit from the new pension freedoms. Big differences …
Summer Budget 2015 Summary
Pensions Lifetime allowance The lifetime allowance reduction announced in the March 2015 Budget will go ahead. So, there will be a drop from £1.25m to £1m from 6 April 2016. The Summer Budget Statement confirms that there will be new fund protection options introduced to allow those with funds in excess of this limit to protect the greater amount held. There …
Pension Freedom: savers withdraw £1 billion
Since the chancellor, George Osborne announced the government’s new Pension Freedoms in 2014, savers have withdrawn over £1 billion from their pension funds. In response to questions in parliament, Osborne said 60,000 people had made use of the new freedoms, which allows savers to access their whole pot from the age 55. It’s the first time the government has disclosed …
Top 10 dream retirement destinations
The 10 places Brits most want to retire to. Is it a good idea? Where would you like to live out your golden years of retirement? Are you perfectly content with the drizzle, hassle, and complaints you have enjoyed during your working life in the UK? Or would you rather set out for pastures new? If you’ve had enough of …
Ros Altmann outlines her priorities
New pensions minister Ros Altmann outlines her priorities in the role, including safeguarding the retirement ‘freedoms’ that were introduced last month. Altmann said she aimed to “protect the pensioners of today and tomorrow” as she was welcomed into the Department for Work & Pensions. She said her priorities were to “take forward work to bring in the new State Pension, help …
Your retirement options
With all the coverage in the national press over recent months, you will surely be aware of the pension reforms that the government introduced. Ever since the announcement, the newspapers have been full of stories about what the reforms will mean for Britain’s retirees. The range of options available to you for taking your retirement benefits are vast. But although …