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Eversheds comment: DC pensions move gives greater flexibility to millions of UK retirement savers

  • United Kingdom

    19-03-2014

    Commenting on pensions measures announced in the UK Budget today, Francois Barker, Head of Pensions at global law firm Eversheds, says:

    “The Budget is good news for the millions of people with DC pensions, who in future will have significantly greater flexibility over how they use their retirement savings. Giving people greater control and removing the requirement for people to buy an annuity are positive steps forward as it will mean that people can do what is right for them. However, it is essential that people have access to appropriate advice to help them make what are life-shaping decisions at retirement. The Chancellor has announced plans to ensure this, but it is not clear how this will be delivered and, it goes without saying, that it is essential the Government gets this right. The reduction in the tax rates applied where savers want to take more than 25% of their retirement savings as cash will no doubt also prove to be a very popular measure.”

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