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Changes to retirement planning announced in the budget

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It was announced in the Budget that from April 2015, people will have more flexibility over how they access the money in their pension ‘pot’. Up until now access to a pension was limited to buying an annuity - a financial product bought with your pension pot which provides you with an income for life - or alternatively it is possible to withdraw a portion of the pot as a cash lump sum and then leave the rest invested, which is known as drawdown.

A change to pension rules will give people greater freedom to decide how to manage their own money in retirement. For example, people saving into a workplace pension scheme will be able to access all of their savings from the age of 55 if they choose to do so, thereby giving the option of self-management.

5) For each of the following statements please rate the extent to which you agree or disagree in view of the changes towards pensions and how the money in the ‘pot’ can be realised/attained in retirement?

5 = Fully agree and 1 is Fully disagree

7) Where do you expect to receive support from to help you make the right decisions for your retirement? TICK ALL THAT APPLY

9) To what extent do you agree or disagree with each of the following statements about how long you believe your money will last in retirement?

5 = Fully agree and 1 is Fully disagree