A trade body for pension funds has raised 101 "questions and uncertainties" ahead of a major overhaul of the pension system.
The National Association of Pension Funds (NAPF) has quizzed the government about those leaving pension schemes and the guidance they receive. The overhaul, which begins in April, aims to increase savers' flexibility. The changes will not affect those in final salary company schemes, current annuity holders, or the state pension.
'Risks and costs'The new rules, announced in the Budget, aim to make it easier for people to dip into their pension pots when they want, and to leave their unused pension funds to others, at lower rates of tax. However, with five months to go before new pensioners are supposed to be able to take advantage of the new rules, the NAPF has argued that many people will still be baffled by the changes and that some pension schemes will not be ready. "Next April will be a confusing time for those retiring," the association said in a submission on the new Pensions Bill.....Read more here