“The Government has listened to industry feedback on several counts relating to pensions. Firstly, it has recognised that annuities are a complicated area and has decided to delay implementation of a secondary annuities market to allow enough time to get it right.
“It has also lowered the age at which people can access its Pensions Wise service from 55 to 50 years. The service provides free and impartial advice on pensions options and lowering the age threshold will help people better prepare for retirement by encouraging them to start planning earlier.
“The Chancellor confirmed today that there will be a reduction in the lifetime allowance to £1m with protections to be announced later in the year to ensure that this isn’t retrospective. Again, it’s positive to see that time is being taken to ensure things are being done properly.”
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