Pensions - Articles - Just Retirement comment on pension changes

 Just Retirement notes the comments from the Chancellor of the Exchequer, Rodney Cook CEO said:

 “These changes will encourage savers to keep their pension savings within the pensions tax environment. When the reforms take force in April next year there will be greater demand for annuities that allow any remaining pension savings to be passed to loved ones when the customer dies, a feature that is already available. We are working with HM Treasury to ensure fair treatment for those who have already purchased annuities with these guarantees.
 
 “Independent research continues to show that at retirement the majority of customers want a replacement for their wages in the form of a guaranteed income. The changes announced today make annuities even more attractive - not only are they the only solution to provide a guaranteed income for life but now unused pension savings can be passed on free of tax.”