Pensions flock to take up Lib Dems’ pension freedom

Photo: Councillor Tony Dawson

Pensions flock to take up Lib Dems’ pension freedom

Hundreds of thousands more savers are taking advantage of the landmark pension freedoms introduced by the Liberal Democratds when in government.

Yesterday (28 July 2016) new HMRC figures showed more and more people are taking advantage of the new pension freedoms introduced in April 2015 by Liberal Democrat Pensions Minister Steve Webb. 159,000 people having accessed £1.7 billion flexibly from their pension pots since April of this year. This take the total value of payments taken in this manner to over £6 billion across 772,000 payments since the launch of the pension freedoms.

People accessing their pensions are also benefitting from free and impartial pension’s guidance service, Pension Wise, which has already had over 2.7 million visits to the website and nearly 75,000 appointments to date. Pension Wise was set up to ensure consumer have the right information they need to make informed decisions.

Local Lib Dem deputy leader, Councillor Tony Dawson said: “The Liberal Democrats brought in the most significant pension reforms for a generation, giving people who’ve worked hard and saved their entire lives the ability to access their savings how and when they want. We are seeing the benefits of this every week and month.”

” I am pleased that from next year, millions of people will also gain the ability to sell income from their annuities if they get agreement from their annuity provider, While keeping their annuity incomes will be the best option for the majority of pensioners, people should have the right to make decisions about their own money that they feel is best for them. Pension Wise will have a key role to play in giving people information and guidance to make their decision.”

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