annuities

Pension Freedoms reframed as a tax grab and sticking plaster

Pension Freedoms reframed as a tax grab and sticking plaster

If someone had told me in April 2013 that by April 2015 people aged 55 or over could take all of their pension funds as cash, I would have said that they were mad. Many decades of history had cemented the status quo and providers had developed pension accumulation products that had only one outcome; an annuity purchase.

Plundering the pension pot; a new normal?

Plundering the pension pot; a new normal?

Both the press and the Financial Conduct Authority have been making a fuss about people accessing their pension pots under age 65, following the Pension Freedom reforms in April 2015. The Telegraph provides a typical article, (and user comments) here, and the FCA’s original press release is here, with the summary here, and the interim report here.