Retirement: Plans to allow pensioners to sell Annuities are scrapped

Yellow road sign saying changes ahead with blue cloudy skyThe Government has scrapped plans which would have allowed pensioners to sell their Annuities on the open market, in exchange for a lump sum. George Osborne originally announced the plans in March 2015, as a way of extending Pensions Freedom to people who had already retired. However, the proposal has been widely criticised, delayed and now been scrapped. Announcing the decision, a Government statement said: ““After an extensive programme of engagement with industry, financial regulators and consumer groups, the government has decided not ...

Don’t get seduced by LISA

closeup of woman's finger in mousetrapThe financial press has been awash with articles about the mysterious ‘LISA’ ever since George Osborne delivered his Budget a couple of weeks ago. There are however mounting fears though that ‘LISA’, otherwise known as the significantly less catchy Lifetime Individual Savings Account, could seduce some people, only to leave them worse off in retirement. Who, or what, is LISA? LISA or the Lifetime ISA, is the brainchild of George Osborne and will allow anyone aged 40 or under to save for a deposit on their first home ...

Q & A: Everything you need to know about the Lifetime ISA

Q & A Everything you need to know about the Lifetime ISA 150pxGeorge Osborne couldn’t let a Budget go by without tinkering with the pension system, but this time, it may actually benefit millions of people. In a surprising move, the Chancellor has announced the launch of new Lifetime ISAs (Individual Savings Accounts) designed to help younger people buy a home, as well as save for retirement. So who is eligible? How will they work? Read on and we explain all you need to know. Who is eligible to open a Lifetime ISA? Anyone ...

Budget 2016: The headlines

Budget 2016 150pxGeorge Osborne stood up today just after 12.30 to deliver his 8th Budget as Chancellor. With the EU referendum looming large and increasing nervousness that much of the developed world is facing an economic downturn, many experts predicted a relatively quiet Budget. Was this the case? Read on to find out. Mr Osborne started bullishly, suggesting he would report on a very positive economic outlook for the UK, which was growing at a faster rate than other developed economies, and is on course for a budget surplus. However, he quickly turned to the “headwinds” ...