NFU Mutual welcomes retirement calculator changes

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NFU Mutual welcomes retirement calculator changes

Fri 10th Dec 2010

An expert from NFU Mutual has suggested new pension reforms brought in by the government this week will provide benefits for savers.

Tax specialist at the firm Stephen Berry explained that removing the requirement to purchase an annuity will allow direct contribution pension customers to have more flexibility over their savings strategy.

In his opinion, people will - in general - have greater control over their pensions, although he called for the 55 per cent tax rate on lump sum death benefits to be reviewed.

Mr Berry said: "The proposed changes to pension legislation appear to be simpler than earlier proposals and should be welcomed in the main."

The NFU Mutual representative was also complimentary about the decision to scrap the "age ceiling" on lump sums.

This week, Saga director general Dr Ros Altmann claimed pensioners are currently suffering due to the effects of inflation, with their savings effectively being eroded away.

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