Advisers welcome end to ‘convoluted’ state pension system

Advisers have welcomed the end of the current “convoluted” state pension system and the clarity proposed by Government reforms.

Almary Green managing director Carl Lamb says: “I am delighted the Government will introduce a flat-rate pension for all retirees from 2017 as it provides individuals with much-needed clarity.

“The current system of pension credits is convoluted and makes it very hard for people to work out what they are entitled to once they hang up their working shoes.”

Barretts Financial Services senior partner Kim Barrett says: “You need a Mensa qualification to understand the current system. It is ferociously complicated and even some of the most high brow IFAs do not understand it.”

Affluent Financial Planning managing director Carl Melvin says individuals need clarity to plan for retirement and the reforms will be helpful.

He says: “The lack of clarity creates a woolly notion that people will get a good income in retirement.

“The current system is pretty complicated and it’s important to make it simple.”

Source of article: Samuel Dale, Money Marketing,

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