Osborne: No One Will Have to Buy Annuity

FUTURE PROOF: Britons will have more flexible access to their pension pots allowing them to ‘drawdown’ all of their savings in one lump sum at retirement if they wish to

Emma Wall 19 March, 2014 | 2:30PM
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Pension savers will no longer have to buy an annuity at retirement, George Osborne has revealed in the 2014 Budget. Britons will have more flexible access to their pension pots allowing them to ‘drawdown’ all of their savings in one lump sum at retirement.

The Chancellor said that savers should be trusted with their own hard earned cash, and said that “no one will have to buy an annuity” from April 2015.

Savers who wish to secure their retirement income will be free to buy an annuity, and those who wish to access their pension pot as one lump sum will also be allowed to do so. Savers will also be permitted to access part of their pension on retirement and leave the rest in their scheme to drawdown at a later date.

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About Author

Emma Wall  is former Senior International Editor for Morningstar

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