UK Budget - Pensionsers don't have to buy annuities anymore

[facetious]

Thanks for that, Cashier, and for the good wishes.

 

[irelandseye]

Best of luck Facetious, the money was no doubt hard-earned, hope you enjoy spending every cent!

 

[Bronte]

I would say that they were every bit as bad as the endowment mortgages scams.


For those who are interested, these are some of the changes brought about by UK budget 2014

I agree with you that it was a scam. Very interesting post Cashier.

Where the UK goes hopefully Ireland will copy, particularly as the middle classes over there are really happy with the changes so I expect middle class FG to follow.

Particular like the 10K bond at 4%, that will be very popular, and the right to 'purchase' state pension entitlements.

There was a article in the Sunday Times this weekend and a survey. 70% of people will keep their funds for when it is needed. About 20% will take some of it to spend immediately, but the main point is very few are planning on going mad.

 

[Conan]

Perhaps in a survey people will suggest that they of course will be responsible with their funds. But when the funds become available, that might be a different matter.
It is also worth bearing in mind that for individuals in "financial difficulties" the cash pot will be attractive to creditors (could seek to force the retiree to encash everything to pay down debt) whereas a modest monthly income might not be so attractive.