Pension Freedom leads to Government windfall

Pension Freedom leads to Government windfallWhen Pension Freedom was first announced by George Osborne, in the spring of 2014, many commentators remarked that giving people greater access to their pensions, whilst raising additional revenue for the Treasury, was a clever move. New figures have now revealed the likely extent of the windfall to the Treasury and it’s far greater than had previously been predicted. George Osborne had indicated that in the first year Pension Freedom would raise £415 million. However, new figures from Hymans Robertson, a pension consultancy, estimate that a total ...

Guest blog: How is Pension Freedom working so far?

Taylor PattersonPension Freedom and Choice came into force on 6th April 2015. The way in which individuals could access their pension funds has been dramatically overhauled and as a SIPP & SSAS Provider, Taylor Patterson thought it would share its experience of the new regime so far. Has there been a rush to withdraw money from pension schemes? The headlines suggested that individuals would take all of their pension fund and buy a Lamborghini, however, the reality has been very different. Taylor Patterson, like many other SIPP & SSAS Providers, has not ...

Savings: As Pensioner Bonds are withdrawn; five alternatives options for your savings

As Pensioner Bonds are withdrawn; five alternatives options for your savingsAfter record sales, Pensioner Bonds, with their table topping rates, have now been withdrawn. So, if you are a more elderly saver, where should you be looking now for the best return on your cash? First things first though, a quick word on inflation. Over the past few months inflation, as measured by the Consumer Prices Index (CPI), has hovered around zero. It might therefore be natural for some savers to 'take their foot of the gas', relax and stop searching so ...

60,000 people use Pension Freedoms – 8 pitfalls to look out for if you plan to join them

60,000 people use Pension Freedoms - 8 pitfalls to look out for if you plan to join themThe Chancellor, George Osborne, recently told the House of Commons that 60,000 people have withdrawn more than £1 billion from their pensions since new freedoms were introduced in April. Whilst Mr Osborne said that the figures showed Pension Freedoms has been a "success” he went on to say, "…but we have to make sure that people get the best advice…" presumably to stop them making mistakes and falling into some of the pitfalls which ...