Author: Age Cymru
Published on 19 March 2014 03:30 PM
Commenting on today’s Budget, Age Cymru’s Head of Policy and Public Affairs Graeme Francis says:
“The UK’s rigid pensions system has become increasingly out of step with the reality of contemporary working lives so we hope that the more flexible approach announced today will revitalise pension saving, giving younger age groups more hope of future security in retirement.
“Age Cymru particularly applauds the immediate changes announced today that will allow the millions with several small pension pots to draw their money in cash.
“We are also very pleased that the UK Government recognises the importance of offering pensioners and those approaching pension age impartial, face-to-face, financial advice.
“Giving people a real choice about how and when to use their pension savings is the right approach, but it must be an informed choice so the advice available to them when they make this crucial decision needs to be first rate.
“Older savers have been hit by low interest rates in recent years and Age Cymru welcomes moves announced today to encourage saving and to help people to get a better return from the money they have put away to prepare for their retirement. “