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Guide to pension changes

In March 2014, the contents of George Osborne’s famous red briefcase included shock retirement news that may affect millions. In our free guide to pension changes, we cover changes to the existing rules and how you might be able to benefit from them.

Comments

In the light of the new rules from next year and also in mind of the very poor returns not only on annuities but also on other means of investment and in the light of none of us knowing how long we will live actively in retirement it is hard to escape the logic to take very generous lumps from a pension pot in the early years of retirement. This will lead to world cruises while the money and health permit and will lower the residual pot available for the Government in power to get its grabbing mitts on in later years. Whilst this may seem to be a reckless attitude as many a Skipton customer has said to me while at branch "...they haven't left anyone up top yet!!!". This "hang the consequences" attitude stems only from logic without any sentiment as regards family, later life etc etc. I only mention this as a discussion-starter. Cheers Andrew
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#2 Unfortunately Andrew, there is an element of truth in what you say. Going back to the 1960s and 1970s, many employees joined a pension scheme simply to cash it in when it suited them or to pay for Christmas or a holiday! I do not believe that people have become more responsible since those days!
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Having been involved with retirement planning and pensions all my working life, this seems to be a good piece on more pension changes! One day, someone in authority will actually realise that pensions is not as complicated as like to make out!
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#3 Unfortunately, I missed out the word "they" after the second "as" in my original comment - my apologies.
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more information re nomination post 75 - widows/widowers plus children and grandchildren would be useful
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I do think the pension reforms are a potentially good idea and a much better system than just forcing most people to buy an annuity with their personal pension funds. Of course, there are risks, and it is vital that people need information, education, guidance - and ideally expert advice - to help them understand the choices available to them. That is why everyone should use the Government's independent pension guidance service called Pension Wise, which you can call on 030 0330 1001 or look it up on line. It helps explain the risks of taking money out too soon, paying too much tax, the advantages of leaving your money inside your pension fund rather than taking it out, the interaction with state means tested benefits and so on. Lots to think about, but at least people will be free to choose how to use their pension savings.
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Andrew makes some interesting points. Humans are not particularly good at focussing on the long term, you have only to see the numbers of people who smoke or overeat despite knowing the risks to their health in the future to confirm that. I think there are valid concerns that some people will run out of money and have to rely on the state to help them
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I have worked all my life only to be told, I have to now wait another 6 years. How on earth do they expect us to survive when we were expecting to retire. We are not all in a position to have saved for this. I feel cheated and let down by all the governments past and present, this would be labelled fraud if it wasn't a state pension.
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