Karen Barrett, Chief Executive of unbiased.co.uk, comments on details of the pensions bill

“Today’s Queen’s speech has confirmed that the government will be creating a simpler state pension system that encourages saving and that those caring for children are supported. While the expected rise in the weekly State pension from April 2016, will be a warm welcome for future retirees, the full amount will only be paid to those with at least 35 years’ national insurance (NI) contributions and paid to individuals as opposed to married couples. These changes could mean that those who were relying on part of their spouse’s pension could be left vulnerable in or leading up to retirement. Equally those working several jobs, each of which do not qualify for the minimum NI threshhold, or part –time, could find themselves unsupported. Pension pots will also be automatically transferred when a person moves jobs; this will help to ensure pensions are not lost in transition but equally people need to be vigilant about what their new scheme will be offering them in retirement.  

“While the long-term aim of the Bill is to make it clearer to people what they get from the State, these changes require a good understanding of the pensions system. Those unsure of what the new legislation will mean to them and who will be entitled to when the legislation is brought in should definitely seek professional financial advice. A financial adviser specialising in pensions will be able to review your current financial situation, plans for retirement, and look at how to achieve your pension goals in line with the Government’s changes. 

ENDS

For more information contact:

Anna Schirmer/ Emily Falla/ Kate Aitchinson, Lansons Communications: 020 7294 3682

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