The National Association of Pension Funds (NAPF) has accused the Government of creating more questions than answers in the proposed overhaul of the UK pension system.
The proposed changes will make it easier for people to access their pension when required, but could also allow savers to pass their unused pension wealth down through generations.The NAPF has criticised the Government for a lack of clarity about what the changes mean to those leaving pension schemes.
The proposed changes, which do not affect state pensions or those in company schemes, could begin as early as April 2015,
A statement from the NAPF called for more guidance from the government saying: “Next April will be a confusing time for those retiring.
“They may have heard about the new freedoms, but their own scheme may not yet have developed the systems to deliver all of these.
“Some new products available on the market may carry risks and costs that are not immediately apparent to those retiring and some may only be accessible through a financial adviser, access to which could be costly for some.”
Contact Raeside and Chisholm for further specialist and personal legal advice with any matter regarding the elderly.
