Pensions allowance cut could create as many problems as it solves
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Tim Wixted of Neglect Asssist tells Private Client Adviser that a new annuities market announced in the 2015 Budget could create as many problems as it solves.
If the stock market crashes, retired people would be left in a disastrous situation – they can’t wait five or ten years for markets to recover…
Mr Wixted told the publication: “Besides the problems from misselling, moving out of an annuity means their income stops being stable and starts being more unpredictable. For instance, many funds are ultimately linked to equities, so if the stock market crashes, retired people would be left in a disastrous situation – they can’t wait five or ten years for markets to recover.”
He added: “We are not a nation of savvy investors, and our research shows the vast majority of middle aged and retirement aged people do not understand even basic financial terms. This is unlikely to change as very few people are even willing to spend a few pounds on an investing guide – under 4 per cent according to our research, compared to 24 per cent who would primarily use the internet to for free advice.”
You can read the full article here –
http://www.privateclientadviser.co.uk/news/pensions/pensions-allowance-cut-250k
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