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What of these pension freedoms

With the introduction of pension freedoms and the end of the tax year many financial advisors like the experienced IFA’s at Enable in Bishop’s Stortford have been busy helping clients look at their options. But there don’t seem to be that many Lamborghinis driving around town so perhaps Steve Webb’s comment has not actually come to much.

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If you get down to the nitty gritty the average pension pot from defined contribution schemes is close to £40,000 and from defined benefit schemes about £120,000 are not realistically going to be buying people hoards of luxury goods. Hopefully people generally are much more sensible with the  cash they draw out of their pensions most are still clear that it needs to be used it for its original purpose, to provide a regular income in retirement. What is always hard to truly predict is much cash is needed and for how long?

Some like Kim North who is managing director at Technology and Technical think things maybe improving in the UK, “I believe we are moving away from being one of the worst countries when it comes to saving for retirement. We need to provide as much education as we can on pension choices.” She also believes; “ One of the biggest educational challenges is convincing people that pension fund money should not sit in “safe” deposit accounts. With the FTSE at an all-time high and inflation at a record low, this is an economic period where better understanding of basic investment principles is needed, particularly as the average retirement period in the UK is 19 years.” If you are wondering what is best for you Enable’s IFA’s are here to talk things through.

Issued by: Enable Independent Financial Life Planners
25c North Street, Bishops Stortford, Herts CM23 2LD
Telephone: 01279 755950 – Fax: 01279 657339
Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority.
It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us.

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