Morningstar's Guide to Maximising Your Pension

As we look to the beginning of the new tax year, and the one year anniversary of pension freedoms, we bring you the ultimate guide to retirement saving

Emma Wall 4 April, 2016 | 10:41AM

It has been 12 months since pension freedoms were introduced; One year since retirement savers aged 55 and older were able to get their hands on their pension cash. Have George Osborne’s radical reforms been a success? Or has the scrapping of compulsory annuity purchase left a Guinea pig generation of DIY pension investors fast haemorrhaging cash that was hard earned over decades?

Sanlam UK’s Which Way Forward? Report reveals that despite the swathes of publicity and offer of free guidance from the Government, one in three workers aged 60 and older do not know the implications of the changes.

Nick Parry, Sanlam UK, said: “The pension freedoms introduced last year were intended to give people real choice over their money and savings. But far from being enlightened, our research finds that a significant proportion of the non-retired population are completely disengaged with the reality of their future, and it is really concerning that over half haven’t considered financial planning for retirement.”

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About Author

Emma Wall  is former Senior International Editor for Morningstar

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