Pension’s reform at risk (pension planning)

Pension planning

Pensions freedom benefits are under threat as insurance companies are withdrawing from providing cover for financial advisers giving advice on retirement, it has been revealed. Under the pensions freedoms brought in by then Chancellor George Osbourne in 2015, it was made more attractive for people to transfer money out of defined benefit (DB) pension schemes (Pension planning).

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Retirement income warning

Retirement income

While retirement certainly brings about its share of unknowns, perhaps the most daunting prospect associated with this stage of life is the potential to run out of money (retirement income). That fear is so widespread, in fact, that 60% of baby boomers are more worried about depleting their nest eggs prematurely than actually dying. Since pensions freedoms approximately 700,000 people have removed their savings and invested them into some sort of income drawdown product.

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