Scottish Widows launches dedicated post-Budget pensions options site
The provider said that the site will provide consumers with “clear, comprehensive and jargon-free information” on the new retirement options announced by Chancellor George Osborne in his 2014 Budget.
The interactive site includes a selection of case studies and a calculator to help people understand the tax implications of taking cash out of a pension in one go. It also includes information on state and private pension benefits.
The site links to official guidance guarantee providers The Pensions Advisory Service and the Money Advice Services, which have been tasked with delivering the government-promised guidance on retirement.
Scottish Widows pensions development manager Robert Cochran said: “The new rules coming into effect in April 2015 should not change the retirement plans for the majority of our customers. However, there remains a lack of understanding and certainty about what the changes actually mean and how they affect individual circumstances.
“What we must collectively ensure does not happen is that customers rush in and make the wrong decision due to lack of understanding.”
Visit the site HERE…