DC Pension Changes Not Being Adopted !

dunstonh

There may be large penalty costs from moving from one scheme to another!

There are rarely any penalty costs.

Triumph13

There has to be a pretty good chance of demand somewhat outstripping supply for drawdown products at first which some providers will undoubtedly seize as an opportunity to charge through the nose. I'd expect the market to get much more competitive as time goes on so it may well be worth considering delaying any move for a while if you can until there is a wider choice of product and price available.

dunstonh

There has to be a pretty good chance of demand somewhat outstripping supply for drawdown products at first which some providers will undoubtedly seize as an opportunity to charge through the nose.

Actually, charges have gone down in preparation to it. Most providers have either reduced or fully removed their drawdown charges. Getting funds under management is going to be the key objective for them. That is where the real money is and suddenly you have an awful lot of pension funds that would have vested at age 65 or thereabouts lasting another 20-30-40 years (or even longer if it turns into a family pension that keeps being passed down.

kidmugsy

Wilt000 wrote: »

Hi,
My question is: Will the budget changes be compulsory by law on the trustees of pension savings, or will they be lawfully able to refuse to adopt the changes?

Do you know, it's legally permitted to install a 4 litre V8 aluminium engine in motor cars. And yet not all firms do it. Outrageous!

PeacefulWaters

Scaremongering MSE title based on poor interpretation of a weak newspaper article.

There is little hope.