Wealth Design News

In 2015 the Government made it easier to access pensions cash after the age of 55 which, in turn, had a significantly negative impact on annuity sales. One of George Osborne’s promises was to let pensioners who are stuck with poor annuities sell them in exchange for cash, but the plans were shelved a year later (ironically due to fears that consumers would not get a good deal). This left millions with sub-optimal policies – either because they were sold contracts that failed to take into consideration wider health conditions that would have boosted payments or because they failed to shop around and were left with policies paying as little as a few pounds a week. Many of these retirees, backed by Your Pension, are now calling on Chancellor Philip Hammond to revisit the proposals.