Divorced women are set to benefit from the government's new change to pensions, it has been claimed.
According to Standard Life, from 2009, restrictions on people who receive part of their ex-partner's pension benefits will be abolished, meaning more people have access to these funds .
Currently, the non-member can only receive benefits when they turn 60-years-of-age and cannot be taken as a tax-free lump sum.
However, members can take benefits from the age of 50 and have access to 25 per cent as a lump sum .
Andrew Tully, senior pensions policy manager at Standard Life, referred to the change as "long overdue", adding: "Giving people more flexibility to take pension benefits when and how it suits them best is a welcome development."
Meanwhile, it has recently been reported by the Fair Investment Company that a growing number of people are using equity release schemes to subsidise their pensions .
The news provider notes that people are using such initiatives to boost their standard of living but notes that people must be wary when signing up to them.
Divorcees to benefit from pension changes, notes expert
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Divorcees to benefit from pension changes, notes expert
Fri, 29 Aug 2008
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