The Budget through the eyes of an IFA: What the changes mean to you
What a thought-provoking Budget! I think the Budget has stunned most of my sector; we always get some predictions but I don’t believe anyone saw this coming. The Government have definitely listened to the voices of pensioners who endlessly say to us that they have been hit by the low interest rates both with savings and annuities.
In the future, being able to take your pension fund as a lump sum is an interesting idea, and the Government intend to consult on how this is best achieved prior to the target date of April 2015. Initially this will apply to defined contribution schemes (where you build up a fund) but may also apply to private company final salary schemes in the future. It is unlikely to apply to Public Sector schemes and,