Pension’s minister has admitted constant changes to the UK pension regime have led to widespread financial confusion, amid criticism that recent reforms are more to do with policies and the coffers of HM treasury than savers’ interests (pension changes).
Speaking to Financial Adviser, Baroness Altmann said the latest changes to the pension market including giving people unfetted access to their savings and the introduction of the Lifetime ISA are part of the government drive to make sure it is fit for the 21st century.
But she accepts the reforms hit a sector still dealing with years of changes that have left savers confused about their finances.
“That’s why we are in the middle of a pension’s revolution, which is seeing major radical overhaul of both state and private pensions, following years of tinkering and piecemeal changes that have left people baffled and bewildered about their future finances”.
“That’s why we are in the middle of a pensions revolution, which is seeing a major radical overhaul of both state and private pensions, following years of tinkering and piecemeal changes that have left people baffled and bewildered about their finances.”
Baroness Altmann said these major policy changes take time to implement and that this process can lead to uncertainty.
“However, it is important that private pension savings does not become too confusing for people to engage with. “Constantly changing the rules and goalposts is not helpful,” she said.
Baroness Altmann added that she believed the pension freedoms once property understood can form the basis for building good private pensions.
(FTadviser, April, 2016)
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