Budget 2014 - Freedom and Choices in Pensions

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Budget 2014 - Freedom and Choices in Pensions

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Please reconsider providing total freedom of access to pension funds, to all those aged over 55 and amend the proposal to require everyone to secure a minimum level of guaranteed income (eg from their state pension, final salary (defined benefit) pension or guaranteed lifetime annuity) of £12kpa before being able to make unlimited withdrawals.

This change is necessary for the following reasons:

• Ordinary people with small pension funds will be at risk of exhausting their retirement savings, in a very short period or sit on their cash and be afraid to spend it
•It is unfair to transfer the risk of retirement income provision from an insurance contract (this is what a guaranteed lifetime annuity is) to an individual who cannot predict how long they will live.
•The proposals for guidance at retirement are well intentioned but very unlikely to deliver the depth of information required for those retiring to make informed decisions.

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