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The Difference Between The Best And Worst Pension Incomes Can Be Very Surprising

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Archived Annuities News / Income Drawdown News

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Missed pension opportunities in Chancellor’s Autumn Statement, says Saga

The Director-General of Saga, has argued that George Osborne has missed opportunities to improve pension saving in today’s (December 5th) Autumn Statement, while praising measures such as an increase in the maximum pension income from capped drawdown and pension fund infrastructure investing.

Dr Ros Altmann has argued that the government still has work to do when it comes to improving the UK’s savings culture outlining recommendations such as allowing more flexibility in pensions and reforming annuities so that people are not locked into poor value rates.

"Although this statement could have been worse, there is little cheer for savers. The Chancellor says low interest rates are good and show signs of credibility in his policies but they also cause problems for some important sectors of the economy - notably savers and pension funds. There is some form of relief for income drawdown savers and he has consulted on pension funds but there doesn't seem to be anything for ordinary savers,” she said.

"More needs to be done to help savers - from young people saving for their first property to those reaching retirement and trying to make the most of their savings”.

Changes to pension rules outlined by the Chancellor include allowing those in capped drawdown to take income at 120% of GAD (Government Actuary’s Department) rather than 100%. This is in addition to the news that the basic state pension will rise by 2.5% next year to £110.15 a week.
However, the government’s announcement that lifetime pension relief allowance will fall from £1.5m to £1.25m from 2014-15, has acted as a further blow to pension savers.

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