Thursday, 20 November 2014

Part of the Pension Bill Committee this week - scrutiny of the new flexibility to access pension savings at 55

The changes to the pension tax rules announced at Budget 2014 will give individuals greater flexibility to access their pension savings. They will not have to purchase an annuity. 
The Government announced in the Budget 2014 proposals to allow people aged 55 and above, from April 2015, to access to their money purchase pension savings as they wish during retirement. The Bill I am involved in will help effect this change.
The Committee has done line by line scrutiny last week, this Tuesday and today between 9.25-4.30 in Committee Room 12 of the House of Commons.
Full description of the Bill is here:
As one Ponteland pensioner put it to me - "it is my money that I have saved. I think I should decide how best to invest it."