Investment - Articles - JLT - Those preparing for retirement get more to think about


Mark Wood, CEO, JLT Employee Benefits, comments:“Better or worse for pensioners? This year’s reform coupled with those made last year are likely to result in a generation of impoverished pensioners.” “Before reaching for their cider, those preparing for retirement have a lot more to think about since the Chancellor sat down.

     
  1.   Combination of changes means a married couple can save £190k tax free each year
    2.  
  2.   £1,000 tax free from savings mitigates the reduction in LTA
    3.  
  3.   Abolishing 55% penal rate on pension encashment opens up new options
    4.  
  4.   Auto-enrolment opt-out rates may well jump due to higher basic rate tax threshold
    5.  
  5.   Auto-enrolment may also be undermined by first-time buyer help-to-buy ISA
    6.  
  6.   5m will need to know how to compare a lump sum today with a guaranteed income from their annuity the rest of their life.

 “For the majority regulated financial advice will be an unaffordable luxury.”
  

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