Retired couple looking at pension documents together

Experts fear a scandal in the next few years over pension freedoms.

A new paper entitled “Fixing the Freedoms” and published by Age UK on 30th June, shows that the low take up of advice and guidance provision in relation to pensions is failing to meet the expectations and needs of consumers and that as a result many older people are making decisions that they may come to regret.

Age UK is warning that the consequences of consumers getting it wrong are potentially huge. Many people entering or already in retirement are unaware of the need to take into account future tax bills and state benefit rules and the charity is concerned that understanding the new flexibilities is difficult for a large proportion of over 55s, who have never previously thought much about their pension. To read the article click here.

The pension landscape changed dramatically on 6 April 2015 and now offers pension savers aged 55 and over significantly greater flexibility.  We always advise to consult a financial planning consultant before making any complex and risky pensions decisions.  Our team of Chartered Financial Planners are able to help people reaching retirement age to understand the complexities and help them decide on the best course of action when taking their retirement income.

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