AIFA calls for pension friendly budget

Fri, 07 Mar 2008

The chancellor should make sure his first budget encourages people to invest in pension accounts, it has been claimed.

According to the Association of Independent Financial Advisers (AIFA), Alistair Darling should avoid radical changes to the pensions system as these could upset the market.

Chris Cumming, director general of the AIFA, said: "While we support the principles behind the current pensions reform, with more people taking sensible decisions to provide a better pension for themselves, it still requires clarification."

He added that he is concerned about the potential affect of the introduction of Personal Accounts on employer-sponsored pension schemes .

In related news, pensions adviser Robert Brealey claimed last week that transferring a pension account overseas could be of benefit to certain individuals.

However, he also warned that there are potential costs involved and anyone who is considering moving their pension account offshore should seek financial advice to find out what is best for them before doing so.
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