An overhaul of the pension system is underway and key reforms announced in the past year are set to go live in 2015 - practically every aspect of saving for retirement has been the subject of scrutiny and change.
In no particular order, the investment charges that workers pay when they save into a pension are being examined for the first time and companies are under pressure to lower them. Meanwhile, more workers will save into a pension as the roll-out of the Government's auto-enrolment scheme stretches to more companies.
Tax changes mean beneficiaries will be able to inherit a greater slice of a loved one's pension after death, and people will begin to find out how much they can expect to receive under the new 'flat-rate' state pension that begins in 2016. Those already 65 or over are waiting to snap up market-busting returns from new Government-backed pensioner bonds.
Perhaps most important of all, the changes announced in the 2014 Budget - which mean many more will be able to retire and pull money from their pension without buying an annuity - begin in April.
Almost everyone stands to benefit from reassessing their pension arrangements in light of the range of changes. Go to the link below to find out more:
Sam: 7th Jan 2015 14:55:00
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