Retirement

DOG'S BREAKFAST

Fiona Murphy gathers industry reaction about the pension changes laid out in the Autumn Statement

STATE PENSION

Scottish Life's Lorna Blyth on designing a default fund fit for the auto-enrolment world

The risks associated with income drawdown remain despite moves to ease pressure on pensioners in the Autumn Statement, providers have warned.

The chancellor's move to cut pension tax relief from £50,000 a year to £40,000 sends a confusing message to pension savers, commentators have said.

Budget-lite or Budget 2, either way the idea of effectively having two budgets a year has become an essential part of the economy.

Capped drawdown limits have been reinstated at 120% maximum GAD in today's Autumn statement.

The Chancellor has announced cuts to pensions tax relief from 2014/15, meaning individuals will only be able to put away £40,000 annually free of tax.

AT A GLANCE