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Budget 2014: Pension implications

Budget 2014: Pension implications

The most fundamental change in the way people access their pension in almost a century has been announced by the Chancellor of the Exchequer George Osborne in his Budget speech. The Chancellor set out that by removing the effective requirement to buy an annuity, people will have greater flexibility in accessing their pensions.

 This means that people can choose how they access their defined contribution pension savings; for example they could take all their pension savings as a lump sum, draw them down over time, or buy an annuity.

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