The articles in today's Times are a bit lacking in definitive detail, but it sounds like:
- Annuity requirement scrapped
- If you can prove income of ~150 per week, you will be able to pull money out of pension fund within certian limits
- Any left over on death would be taxed at 55%
Am I understanding this correctly?
I think this is great, but it seems there are moaners saying this only helps the rich. Idon't agree, but even if it does, it doesn't harm the poor.
I'd like to see some official hard detail on these changes.
IMHO, the pensions/annuity providers have been rippling us off for years. It may even make annuity providers give a better deal.
It certainly makes me more inclined to contribute to a pension.
Jim