Funding retirement: what options are available to the UK public?
There are just months left before the introduction of a raft of new pension reforms that are set to change the way people go about funding retirement. The financial services industry is in the process of making the necessary adjustments needed to adapt to the pension flexibility and the liberation of the retirement savings market coming into force in early 2015.
The new rules, announced in the 2014 Budget, aim to make it easier for people to dip into their pension pots when they want, and to leave their unused pension funds to others, at lower rates of tax. MyFS considers whether the aspirations of those approaching retirement are still realistic and explore the ways in which retirement can best be funded in today’s changing world.
More flexibility, fewer rules and less complexity are undoubtedly good things, but how does today’s consumer navigate the plethora of retirement income options out there and establish what is right for them?