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A B C D E F G H I J K L M N O P R S T V W Y

Budget 2014

Budget 2014

Wednesday 19th March 2014

Elizabeth Graham, Pensions Partner at law firm Brabners comments:

“After Danny Alexander’s promise to avoid tampering with pensions in the 2014 Budget at the NAPF Investment Conference this year, we are very happy to see the majority of pensions changes proposed, which in our view offer greater flexibility around taking smaller pension pots on retirement and reduce the need to secure benefits through the purchase of an annuity. 

Annuities are often costly and may reflect poor value, so more pensioners may now wish to explore using flexible drawdown to take benefits in tranches, to suit their retirement or flexible working arrangements, or take their benefits as one lump sum, if they have a very small pot. 

Pensioners have historically struggled to get competitive, or indeed any, annuity options to secure lower value benefits on retirement, so these Budget changes will no doubt be widely welcomed by the industry.  Most pensions practitioners have been calling for a review of the use of annuities for some years now, so it is very positive that the Government has listened and responded to try to address this issue.”

For further information please contact:

Deborah Ascott-Jones, Director of Business Development & Marketing
Brabners LLP
DD (M/c) 0161 836 8899
DD (Lpool) 0151 600 3021
Mobile 07736 792332

Anne Griffiths, PR Manager
Brabners LLP
DD 0151 600 3072