This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/uk-32000154
The article has changed 6 times. There is an RSS feed of changes available.
| Version 3 | Version 4 |
|---|---|
| Pensions changes 2015: Guidance booking not available yet | Pensions changes 2015: Guidance booking not available yet |
| (about 1 hour later) | |
| Hundreds of thousands of savers are still unable to book free guidance about forthcoming pensions changes, experts have warned. | Hundreds of thousands of savers are still unable to book free guidance about forthcoming pensions changes, experts have warned. |
| The Government has promised impartial advice sessions on the reforms, which will be introduced on 6 April. | The Government has promised impartial advice sessions on the reforms, which will be introduced on 6 April. |
| The phone line to book sessions to help over-55s decide whether to cash in their pensions savings or keep an annuity is not yet open. | The phone line to book sessions to help over-55s decide whether to cash in their pensions savings or keep an annuity is not yet open. |
| The Treasury says the staged rollout of the services is "entirely on schedule". | |
| A spokesman said: "We have been piloting sessions of the Pension Wise service and gathered feedback from users and guidance specialists in order to ensure it is as good as possible for when the pensions freedoms come into force in April. | A spokesman said: "We have been piloting sessions of the Pension Wise service and gathered feedback from users and guidance specialists in order to ensure it is as good as possible for when the pensions freedoms come into force in April. |
| "People will be able to begin booking their telephone and face-to-face appointments in the next few days. | |
| "People should remember, though, that 6 April is not a deadline; they have plenty of time to seek the right guidance and advice of these important decisions." | |
| Under the changes people will be able to access the entirety of their pension pots. At the moment most of someone's pension savings have to be used to buy an annuity, giving an income for life. | Under the changes people will be able to access the entirety of their pension pots. At the moment most of someone's pension savings have to be used to buy an annuity, giving an income for life. |
| Pension changes 2015 | Pension changes 2015 |
| All of the advisers needed have not yet been recruited. | All of the advisers needed have not yet been recruited. |
| Citizens Advice, which is one of the three organisations that will be providing the Pensions Wise service, acknowledged "there is still a small amount of recruitment to do." | Citizens Advice, which is one of the three organisations that will be providing the Pensions Wise service, acknowledged "there is still a small amount of recruitment to do." |
| Analysis | Analysis |
| Rob Young , Business Reporter | Rob Young , Business Reporter |
| The radical pensions shake up is one of the coalition government's biggest reforms, allowing people who have saved for a pension to do what they want with their money. | The radical pensions shake up is one of the coalition government's biggest reforms, allowing people who have saved for a pension to do what they want with their money. |
| The changes have been welcomed in principle but pensions experts have been concerned for some time about the practice. | The changes have been welcomed in principle but pensions experts have been concerned for some time about the practice. |
| Many pension companies have said they are not yet ready to allow people to cash in their pensions because it brings extra costs to schemes as well as risk. | Many pension companies have said they are not yet ready to allow people to cash in their pensions because it brings extra costs to schemes as well as risk. |
| Over half of occupational schemes are still undecided about whether to offer access to the new freedoms, and 15% say they definitely will not, according to pension consultants Xafinity. | Over half of occupational schemes are still undecided about whether to offer access to the new freedoms, and 15% say they definitely will not, according to pension consultants Xafinity. |
| Despite government assurances that they will be ready for "pensions freedom day" on 6 April, there are anxieties being voiced in the pensions industry. | Despite government assurances that they will be ready for "pensions freedom day" on 6 April, there are anxieties being voiced in the pensions industry. |
| One consumer group says that while it broadly welcomes the flexibility of the government's reforms, it also has concerns. | One consumer group says that while it broadly welcomes the flexibility of the government's reforms, it also has concerns. |
| Richard Lloyd, executive director of Which? said: "People approaching retirement are not going to turn into financial experts overnight and so, with more options on the table, it is vital people take their time to make the new freedoms work for them." | Richard Lloyd, executive director of Which? said: "People approaching retirement are not going to turn into financial experts overnight and so, with more options on the table, it is vital people take their time to make the new freedoms work for them." |
| Any lump sum of cash withdrawn from a pension will be treated as income and will have income tax implications. | Any lump sum of cash withdrawn from a pension will be treated as income and will have income tax implications. |
| Large amounts could push individuals into a higher income tax bracket, taking a big chunk out of their lump sum. | Large amounts could push individuals into a higher income tax bracket, taking a big chunk out of their lump sum. |
| The Association of British Insurers (ABI) cautioned against rushing into a decision. | |
| Huw Evans, director general of the ABI said: "Don't be tempted to dash for the cash, but take time to consider carefully your options - especially as rising life expectancy means we can expect a longer retirement" | |
| Are you about to retire? How will the forthcoming pension changes affect you? You can share your experiences by emailing haveyoursay@bbc.co.uk. | Are you about to retire? How will the forthcoming pension changes affect you? You can share your experiences by emailing haveyoursay@bbc.co.uk. |
| If you would be happy to speak further to a BBC journalist, please include a contact telephone number. | If you would be happy to speak further to a BBC journalist, please include a contact telephone number. |
| Email your pictures to yourpics@bbc.co.uk, upload them here, tweet them to @BBC_HaveYourSay or text 61124. If you are outside the UK, send them to the international number +44 7624 800 100. | Email your pictures to yourpics@bbc.co.uk, upload them here, tweet them to @BBC_HaveYourSay or text 61124. If you are outside the UK, send them to the international number +44 7624 800 100. |
| Read our terms and conditions. | Read our terms and conditions. |
| Have your say | Have your say |