Independent Financial Life Planners Bishop's Stortford: Understanding the New state pension

Monday, 12 October 2015

Understanding the New state pension

Enable’s IFAs in Bishops Stortford have been keeping tabs on Pension minister, Ros Altmann since she launched a drive to explain the changes under the tagline ‘our state pension is changing.’ Alongside your other pensions or savings effective from April 2016 will be the new state pension. It will move from the current ‘two-tier’ system, which is made up of ‘basic’ and ‘additional’ rates to the ‘single-tier’ flat rate pension of no less than £151.25.

Enable’s IFAs know that many people will be basing some of their financial decisions on the likely state pension amount they will receive. Back in July it was revealed that just one in three will receive the full flat-rate state pension - 100,000 fewer than expected, according to government figures. The Labour party accused the government of an “unacceptable failure” in transparency with people over their state pension entitlement.

Altmann admitted that the job of explaining the new state pension ‘hasn’t been done well enough,’ but said ‘Huge efforts have been put into reforming the mind-blowingly complicated state pension system that exists today into something that, over time, will be clearer and fairer for everybody,’ ‘But the job of explaining to people how the reforms will affect them hasn’t been done well enough.’ ‘People need to understand, so they can make the right decisions about saving and preparing for later life.’

If you need help making the right decisions about savings and pensions to prepare for later life, Enable’s independent Financial Advisors in Bishop's Stortford can help you think it through.

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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IFA Bishop's Stortford

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