The final Speech before the general election!
Dramatic Changes for Pensions
Collected or Pooled pensions
A new Private Pensions Bill will allow for ‘collective pension’ schemes. These schemes – also known as ‘pooled pensions’ – would be offered through your employer. This scheme is to reduce the risk to individuals – instead of saving into individual pension pots workers would pool their investments into a ‘mega fund’ that will pay them an income in retirement.
The Pensions Tax Bill will turn into law the major changes to pensions and annuities announced in the March 2014 Budget, giving individuals the freedom and choice to access their pension as they see fit.