<-- Twitter Summary card images-->Pension reforms 'have boosted confidence' | B P Collins Solicitors | Gerrards Cross and Buckinghamshire law firm Pension reforms ‘have boosted confidence’ | News | News and Articles | B P Collins LLP Solicitors
News | Legal News

12 April 2016

Pension reforms ‘have boosted confidence’

A year after they were implemented, the pension reforms are helping a third of this year's retirees feel more confident about their future, a new survey suggests.

Separate research, meanwhile, indicates the changes are encouraging millions to increase their pension savings.

Since last April those aged 55 and above have had more choice about how they use their pension pots. Before that people often had to use the money to buy an annuity to provide an income during retirement.

Over a third (34%) of those surveyed by Prudential say the new freedoms have made them more confident about retiring. A similar proportion of those retiring this year (36%) say they intend taking some or all of their savings as a lump sum.

Over half (59%) of those questioned, though, say the changes have not yet resulted in them changing their plans for how they use their pension savings.

Another survey by Aegon, meanwhile, suggests that 15% of workers - the equivalent to over six million people - are now saving more for their retirement as a result of the reforms.

Stay in touch

Phone: +44 (0) 1753 889995

Email: enquiries@bpcollins.co.uk

About cookies on our website

Our Site uses cookies to improve your experience of certain areas of the Site and to allow the use of specific functionality, such as social media page sharing. You may delete and block all cookies from this Site, but as a result, parts of the Site may not work as intended.

To find out more about our cookies policy, please visit here.

Click on the button below to accept the use of cookies on this Site (this will prevent the dialogue box from appearing on future visits).