New Pension Freedoms - Sources of Information

SnowMan

I'm setting up this thread for posters to give links to information on the new pension freedoms announced in the budget and subsequent developments.

The best information I have found so far is

Candid Money - Flexible Pensions from April 2015

Gov.uk - Draft Legislation - The Taxation of Pensions Bill

The Pensions Advisory Service (TPAS) website - Retirement Choices

PensionTube (government/guidance provider youtube channel)

Pensions; the guidance guarantee - Commons Library Standard Note

Delivering pensions guidance: 12th January 2015 (Treasury) update


Has anybody else got any good sources of information?

kidmugsy

SnowMan wrote: »

I'm setting up this thread for posters to give links to information on the new pension freedoms announced in the budget and subsequent developments.

What a good idea. What I find difficult is to keep up with which ideas are still mere ambitions of Mr Osborne, and which are now enshrined in law.

DoDa

Dr. Ros Altmann advises the government on issues faced by older workers and her blog covers the new pensions rules as well as info on older workers.

I found it quite easy to understand the pension changes from the blog. Hope you find it interesting too.


As a new user I can't submit the link but you you search for pensionandsavings.com you will see Dr. Ros Altmann name.

MrsFingersCrossed

Thank you for this thread. I've been darting all over the place trying to find up to date information. I will have questions but I'm still at the stage where I don't know what questions to ask!


I found this though which I think could be helpful, for me and others in the future. It is a registered charity which provides free tax advice for older people on low incomes. I can't submit links yet but it's a website called taxvol dot org dot uk

bmm78

DoDa wrote: »

Dr. Ros Altmann advises the government on issues faced by older workers and her blog covers the new pensions rules as well as info on older workers.

I found it quite easy to understand the pension changes from the blog. Hope you find it interesting too.


As a new user I can't submit the link but you you search for pensionandsavings.com you will see Dr. Ros Altmann name.

Ros has in the past been guilty of providing incorrect information (such as when the changes to tax on death benefits were announced), and not updating her website. It was highlighted a few months back that her website was still informing people that they had to buy an annuity at age 75. Ironically this was at the same time that she was criticising pension companies and MAS for not keeping their websites upto date.

Her views are also highly contentious, and in my opinion extremely dangerous with regards to how much investment risk people with relatively small pots in retirement can reasonably take.


In my experience the best sources of accurate technical infomation are the websites of the major providers. I don't think it's appropriate to promote any one in particular, but any familiar household name pension company will have a top-notch research team who will have extensive information about all of the changes. If you google "<name of provider> pensions" (or similar), you should quickly get the informtion you need.

Again just my experience, but the most informed people about pensions are people within the pensions industry. There seems to be a current obsession with "impartial" sources of information. Personally I'd rather have a more informed "biased" opinion than a less-informed impartial one. As long as you're aware that pension providers will ultimately want to sell you something, they are the best source of information you can get.

SnowMan

MrsFingersCrossed wrote: »

Thank you for this thread. I've been darting all over the place trying to find up to date information. I will have questions but I'm still at the stage where I don't know what questions to ask!


I found this though which I think could be helpful, for me and others in the future. It is a registered charity which provides free tax advice for older people on low incomes. I can't submit links yet but it's a website called taxvol dot org dot uk

Tax Help for Older People are an excellent charity helping people of retirement age who are on lower incomes. In my role as CAB adviser we refer clients to them

http://www.taxvol.org.uk/

dunstonh

I wouldnt rely on Ros Altman. She has posted incorrect information in the past and she has changed her mind depending on who her paymaster is at that time. (she used to represent a company that sold a limited panel of annuities for example. One of the weakest distribution methods)

willhay99

In light of the recent changes in pension rules and reports in the press that private pensions may be regarded as savings accounts does anyone know what will happen in the following cases.


Case 1:
I'm 55 with a private pension which I have deferred taking. If I am made redundant in a year or two can the government force me to take my pension to reduce any benefit I can claim such as JSA. Will the benefit agencies simply regard anyone with a private pension over £16k having savings over £16k so not be entitled to benefits.


Case 2:
I have built up savings > £16k. If I put this into a SIPP for instance now then made redundant in a year or two would this "shelter" the savings as far as claiming benefits or would they say I was "depriving" myself of income and still regard it as savings.


Thanks

xylophone

Case 1:
I'm 55 with a private pension which I have deferred taking. If I am made redundant in a year or two can the government force me to take my pension to reduce any benefit I can claim such as JSA. Will the benefit agencies simply regard anyone with a private pension over £16k having savings over £16k so not be entitled to benefits.


Case 2:
I have built up savings > £16k. If I put this into a SIPP for instance now then made redundant in a year or two would this "shelter" the savings as far as claiming benefits or would they say I was "depriving" myself of income and still regard it as savings.

See relevant posts in https://forums.moneysavingexpert.com/discussion/comment/66824995#Comment_66824995

Regarding paying into a SIPP, https://www.gov.uk/tax-on-your-private-pension/overview

kidmugsy

willhay99 wrote: »

Case 1:
...in a year or two can the government force me to take my pension to reduce any benefit I can claim such as JSA. Will the benefit agencies simply regard anyone with a private pension over £16k having savings over £16k so not be entitled to benefits.

You really need to ask that nice Mr Balls. Since it's about the future, we should maybe call him Crystal Balls.

dunstonh

In light of the recent changes in pension rules and reports in the press that private pensions may be regarded as savings accounts does anyone know what will happen in the following cases.

Sound bites in the media do not actually reflect the reality. The dumbing down of the wording in coverage has been awful and led to wrong interpretations being made by people.

Case 1:
I'm 55 with a private pension which I have deferred taking. If I am made redundant in a year or two can the government force me to take my pension to reduce any benefit I can claim such as JSA. Will the benefit agencies simply regard anyone with a private pension over £16k having savings over £16k so not be entitled to benefits.

Pensions are not savings. It is not a bank account. Now, if they want to introduce new rules for pensions to replace the ones that already exist then who knows. However, as things stand, you should not mix up pensions with bank accounts.

Case 2:
I have built up savings > £16k. If I put this into a SIPP for instance now then made redundant in a year or two would this "shelter" the savings as far as claiming benefits or would they say I was "depriving" myself of income and still regard it as savings.

Do it after you become aware of redundancy then it would be the same as now and could be considered deprivation. Do it before and it cant be. no change.