New UK pension system is flexible, says expert

Mon, 24 Apr 2006

The new UK pensions regulations are indeed making the UK pensions system more flexible, according to one expert.

Tim McPhail, who is the head of pensions at independent financial advice firm Hargreaves Lansdown, says the changes to the UK pension system which came into effect this month have simplified the old pension system.

As of April 6th – or A-Day as it has been dubbed – Britons can become members of a company pension scheme while also saving money in a personal pension.

They will be able to draw a pension while continuing to work.

"The new set of pension rules introduced is really a simplification of the old system that will make pensions more flexible," Mr McPhail comments.

He says that a key example is that under the new pensions rules, Britons can make an investment of up to 100 per cent of their earned income.

"It is a new set of rules that works with people's needs," the pensions expert concludes.

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