MSE News: Summer Budget 2015: Pensions overhaul proposed

RichandJ

PensionTech wrote: »

Don't get me wrong, I agree, the proposal is one of the most needlessly complicated things they could have come up with - but I am chuckling slightly at your utter, unrestrained outrage. Not many people understand the despair that pensions admin companies feel at hearing the latest hare-brained unworkable idiotic concept that's been dreamt up by a politician who doesn't have a clue what he's doing just because successive chancellors seem to want to have a p!ssing contest about who can come up with the most "radical" pensions reform. I'm still reeling from the secondary annuity market idea, myself...

Thanks PT. At least someone understands.

Members & the general public & most IFAs don't. They all think it should be so easy to calculate whatever like it's an online bank account.

It's not. It depends on individual scheme rules & legislation. Change either or both & it gets more complicated. And most of it is done using pen, paper & calculator.