Budget 2014

Penny pinching could lead to costly mistakes

An additional £19.5m will be provided in 2015-16 to support pensions freedoms and Pension wise service as part of today's Budget announcements.

There is a risk that pensioner poverty will increase after the implementation of freedom and choice from next month, according to a leading think tank.

Asset price volatility means pensioners on drawdown could suffer annual income drops of up to 50% which could hit living standards, warns the International Longevity Centre-UK (ILC-UK).

Plans to allow pensioners to sell their annuities for cash must be considered carefully to prevent rip-offs and poor deals, industry participants have warned.

PP looks at what the three main parties say about pensions

Chancellor George Osborne will further relax pension rules in his Budget on Wednesday to allow the sale of annuity contracts.

Increasing pension contributions should be the day one priority of the pensions minister post-election according to Steve Webb.

A Labour government would not look to repeal 'freedom and choice' pension policies but would implement safeguards to prevent misselling.

The Association of Consulting Actuaries (ACA) has called for savers to get early access to some of their pension as part of a seven-point plan to boost retirement incomes.