Changes to the UK pensions market are being made in an aim to boost retirement income, according to the Pre-Budget report. New market conditions allow retirees to shop around for an annuity using their pension savings .
To do so, savers need to apply an open market option, and this should be possible whether in a personal pension scheme or company plan. The Financial Services Authority have said they will keep eyes open for poor-performing providers, making sure all customers are treated fairly.
Furthermore, the Association of British Insurers will restore their existing Statement of Good Practice regarding Pension Maturities. The news is good for retirees, who could see their retirement income enhanced by 10 per cent or more. The Pensions Advisory Service are also setting up an internet tool to help guide individuals through their retirement income options.
Salvaging the pensions situation
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Salvaging the pensions situation
Mon, 15 Oct 2007
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Pensions.co.uk is part of a large network of financial sites created to help advise you on life events, such as buying a house, Mortgages.co.uk; insuring your car - CarInsurances.co.uk; your life - LifeInsurance.co.uk; and your home - HomeInsurance.co.uk.
1998 - 2008 UK Pensions - Planning before, at the onset and during retirement.
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