What Will You Do with Your Pension Pot?

Reforms due next April will allow Britons access to their entire pension savings on retirement. What are those approaching retirement planning to do with this cash?

Emma Wall 16 September, 2014 | 2:46PM

Reforms bringing savers ‘pensions freedom’ will come into effect next Spring, allowing thousands of workers approaching retirement full access to their pension pot.

In March’s Budget Chancellor George Osborne said that savers should be trusted with their own hard earned cash, and 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. They 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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