UK shakes up pension scheme

[Confuseous]

Pensioners will today be offered new freedoms to dip into their retirement cash.

In the latest phase of the biggest shake-up of private pensions in a century, the over-55s will be able to withdraw several lump sums from their pension pots instead of just one.

George Osborne’s move raises the prospect of pensioners using their funds almost like bank accounts to invest in property or shares, pay off debts or help children and grandchildren.

The Chancellor has already announced that they will no longer have to buy poor- value annuities.

And a crippling 55 per cent tax charge on pensions left to children and grandchildren is being abolished altogether.


Read more: http://www.dailymail.co.uk/news/art...use-fund-like-bank-account.html#ixzz3G6pIeC5t

 

[syed putra]

UK using pension to boost the economy. And cut inheritance taxes on pension also for the same reason. Now if PAP cut car duties and taxes, consumption will rise thus boosting he economy.