Enable’s IFA’s in Bishop’s Stortford know lots of people are struggling to make full sense of all the pension reform and how to make the best choices. So it is good to see that a new government-backed pensions guidance service known as Pension Wise is being launched to help people sort out their retirement cash in light of all the new financial freedoms being launched in April, Andrea Leadsom, economic secretary to the Treasury said recently, “It will be a first port of call for people with a defined contribution pension who are approaching retirement.”
From April, more than 300,000 people a year with defined contribution pension savings will be able to do what they want with the cash when they turn 55 and there is much worry that people will be making the wrong decisions, to the extent that Age UK warned recently that the change could lead to significant numbers of older people running out of money, unless stronger safeguards are put in place. Alongside this around 2 million retiring pensioners will miss out on getting the full new state pension, a freedom of information request has revealed. Under the new pension freedoms due to take effect many may have even already spent any private pension savings they have before they know exactly how much they can expect from their state pension.
Tom McPhail, head of pensions research at Hargreaves Lansdown said: “The new state pension will be complicated in the short -term and many people are likely to get less than they may expect. It is imperative they receive a proper state pension forecast. Without it, they could get a nasty shock when they reach pension age.” If you are worried about your pension provision Enable’s experience IFA’s can help you consider your options.
Issued by: Enable Independent Financial Life Planners
25c North Street, Bishops Stortford, Herts CM23 2LD
Telephone: 01279 755950 - Fax: 01279 657339
Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority.
It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us.
NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE
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