Budget changes to pensions - you'll have more freedom to take money from your pension and will get guidance
If you retire after April 2015, you may be entitled to free guidance on pension options and don’t have to buy an annuity
If you retire after April 5th 2015, you may qualify for free and impartial ‘guidance’ on what you can do with your pension. Also from 6th April 2015, people in workplace ‘defined contribution’ pensions (i.e. not final salary type schemes) and those with private pensions can take money from their pensions. Only people who are in workplace defined contribution or who have personal pensions can get the free guidance.
Changes to pension annuities are on the way, but what should you do now?
If you’ve already taken out an annuity or were planning to, can you change your plans?
On Wednesday the chancellor dropped something of a bombshell, saying that people would no longer have to buy an annuity. The changes are being introduced in two stages So what should you do if you’ve just bought or were about to buy an annuity?
Buying a joint life annuity; how to make sure your husband or your partner are provided for
If you or your husband/partner buys the wrong type of annuity, you could be left without a pension
Thousands of widows and surviving partners are left without a pension every year after their husband or partner dies. That’s because their husband/partner has bought a ‘single life’ annuity with their pension pot, which is only designed to pay a retirement income for as long as he or she lives. Once they’ve died, it doesn’t pay a penny. In order to get a pension after your husband or partner dies, if they want to buy an annuity, it must what’s called a ‘joint life’ annuity.