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ARTICLE · 22 APRIL 2014

Budget 2014: A New Pensions Landscape

Nabarro LLP
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The unexpected announcement in the Budget allowing members full freedom over their DC pension pots from April 2015 will have consequences.

United KingdomEmployment and HR
Jennifer Bell
Jennifer Bell
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Summary and implications

The unexpected announcement in the Budget allowing members full freedom over their DC pension pots from April 2015 will have consequences for the pensions industry as a whole and for the wider economy. 

The Government is consulting on the detail of the changes and we may not know the results of that until much later in the year. In the meantime we have been looking at the published proposals and considering what they may mean to the various parties.

The proposals at a glance

The key proposal is for everyone to have full access to their DC pension pots from age 55. 

Schemes will be required to provide "guidance" to members approaching retirement.

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