Wednesday, 19 October 2016

Pension Potless

I am glad that the Government has abandoned plans to let pensioners sell their annuities to insurance firms.

It now needs the reverse the permission of people to take out entire pension pots as lump sums.

No, it is not simply "their money to spend". They were given tax relief on their pension contributions.

In return for not, therefore, becoming dependent on state benefits in old age.

Taking it all out and spending it is breaking the deal, and ought never to have been allowed.

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