Guide to New Pension Freedoms
Whether you’re saving for old age, about to retire or already have, you need to give your pension some attention following the announcement of the new pension freedom reforms. Perhaps most important of all were the changes announced in the 2014 Budget, which mean many more will now be able to retire and withdraw money from their pension without buying an annuity.
The new pension savings market gives people greater power over how they spend, save or invest their retirement pots post–6 April this year, which is a positive, but it can be overwhelming. The breadth of the reforms means hardly any aspect of retirement finances is left unaltered. It’s an empowering period for investors – but also challenging.