Philip Brown, head of retirement products at Partnership, welcomes government proposals to remove the concept of ASP and allow income drawdown to continue beyond age 75.
We disagree with criticism that the government’s new pension rules – flowing from its consultation on scrapping compulsory annuitisation age 75 – benefit only the wealthy. They are good news for the consumer and for financial advisers. In particular, it is refreshing to see a government actually acknowledging that retirement planning and the options available are changing, as the government’s proposals allow a greater degree of flexibility in retirement planning than is currently allowed. This could play an important role in encouraging people to save for their retirement. For example...
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