Treasury pensions consultation 'aims to simplify system'

www.moneynews.co.uk > Pensions > Treasury pensions consultation 'aims to simplify system'

Treasury pensions consultation 'aims to simplify system'

Fri 16th Jul 2010

A Treasury pensions consultation launched yesterday (July 15th) is aimed at updating the system for saving for retirement.

Financial secretary to the government office Mark Hoban explained that the current rules are overly complex, as well as being outdated.

He suggested that the consultation contains several valuable reforms that could make the process simpler.

"This government is committed to fostering a new culture of saving and responsibility in the UK - to encourage people to take greater responsibility for their financial future," said Mr Hoban.

The main focus of the Treasury pensions consultation is the plan to end the rule that requires people to take out an annuity before they turn 75 years old.

Mr Hoban claimed that it is important that individuals have greater control and flexibility over how they utilise their savings.

This week, the same Treasury representative spoke at the Consumer Financial Education Body Conference, where he described personal finance as a priority for the new coalition government.

Click here for more pensions news

Related News : Pensions
	Over-55s don't believe in paying for care, reveals Aviva
	East Midlands comes top in pension contributions
	Corporate pensions provider issues advice for businesses
	One third of workers have no pension, claims Prudential
	More than a third of Brits fail to reassess pension risk, claim experts
	Women protest at No 10 over proposed pension reforms
	Retirement age 'to be brought forward by ten years'
	Interest rates held at 0.5 per cent by Bank of England
	Pension contributions fall in recession, ONS reveals
	Equity release for retirement 'might not suite every household'