Published on 04 June 2014 03:00 PM
Commenting on the Queen’s Speech, Age Cymru’s Head of Policy and Public Affairs Graeme Francis says:
“Age Cymru welcomes the UK Government’s commitment to innovation in pensions.
“Giving people greater flexibility and choice in how to access and spend their pension savings is the right approach, but the success of these radical reforms will rest on whether the financial guidance on offer will help people make informed decisions about using their savings wisely over the whole of their retirement.
“The UK Government’s proposals to allow people to pool risk in Collective Defined Contribution pensions is an interesting idea for future generations of pensioners. These schemes offer the potential of more stable returns, but they are not risk free and even when legislation is passed it is unclear whether employers will want to develop them.
“These new proposals must not distract us from the major changes happening now and the UK Government’s clear priority must be to deliver on its commitment to provide high-quality, impartial pensions guidance, to help people to be more secure in later life.”