Investors Retirement Plans Unaffected by New Freedoms

FUTURE PROOF: Will you be taking advantage of the new pension freedoms to access your retirement savings? 70% of investors say the reforms will not impact their decisions

Emma Wall 2 June, 2015 | 1:47PM
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Investors approaching retirement say that they do not plan on taking advantage of the new pension freedoms. According to a survey by Schroders, 70% of investors say the recent pension reforms will not affect their plans for retirement income.

Despite the initial positive reaction to George Osborne’s pension freedoms announcement in last year’s Budget, the majority of investors admitted they were confused as to how the changes will benefit them – and what their new income options in retirement were. A fifth of investors are worried about the tax implications should they drawdown a lump sum from their retirement pot and more than 10% said that they did not have pension savings.

Robin Stoakley, managing director UK Intermediary at Schroders said that investors should take advice if they do not understand the recent changes.

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About Author

Emma Wall  is former Senior International Editor for Morningstar

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