Changes to Private Pensions

updated: February 4, 2012

To obtain a copy of our Guide: Changes to Private Pensions please click here.

The problems with purchasing an annuity are well known, not least the fact that the income provided does not look very good value because of the very large falls in annuity rates over the last 30 years – due to our increasing life expectancy and lower anticipated investment returns.

An alternative which has been available for those with pension funds of around £200,000 or more for the last decade or so has been to leave their pension fund invested beyond their retirement and to ‘draw down’ funds within limits as and when required. 

Until the present Government announcement, however, and with limited exceptions, you would still have to purchase an annuity at age 75 (recently increased to age 77).

Now all that has changed. To obtain further information please click here for our pdf Guide to Changes to Private Pensions.