Chancellor George Osborne used his fifth Budget speech to unveil an unprecedented package of pension reforms, clearly stating "no one will have to buy an annuity" in the future. Here, we round up all the important measures and outline what's happened since...
Speaking on 19 March 2014, Osborne said some 13 million defined contribution (DC) savers were being railroaded towards buying an annuity with their pension savings but this would end from 6 April 2015. He told the House of Commons: "Tax rules around these pensions suggest pensioners can't be trusted with their own pension pots. I reject this view." Limits on drawdown and flexible drawdown would be first reduced, then scrapped while "trust" would be handed back to savers, Osborne said. He also said each and every DC saver would get "free impartial advice on how to get the most of th...
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