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The Budget 2015 – portfolio thoughts
17th March 2015
David Cassidy, CEO, WEALTH at work, comments on the Budget 2015.
David Cassidy comments: “Over the last five years the Chancellor has announced a number of changes that have impacted our business. The most significant was the new pension proposals that were announced in the last Budget, which come into play in April this year. These changes are perhaps the most radical pension proposals of our lifetime, which will remove many restrictions on how pension benefits can be taken from the age of 55.
“If retirement income is to be properly considered then it’s not just about pensions – all savings will need to be taken into account, such as share holdings, cash deposits and ISAs. This greater flexibility is fantastic news for savers, but without the right financial education, guidance and advice, employees could be left incredibly vulnerable to making poor decisions.
“We expect the Chancellor to announce in the Budget that in the next parliament it will be the government’s intention to extend the new pensions flexibility to the five million people who have already bought annuities, by allowing them to sell the income they receive for a cash sum. Such freedoms are not without complications and will further drive the need for financial education and advice, to help individuals to have a better understanding of the options available to them so that they are able to make informed decisions leading up to and at the point of retirement”.
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