Summer Budget: Good news for pensions industry as secondary annuity market is delayed until 2017

Summer Budget: Good news for pensions industry as...

Mike Smedley, pensions partner for KPMG comments on the Chancellor’s Budget announcement to delay implementation of a secondary annuities market.

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Commenting on the Chancellor’s Budget announcement to delay implementation of a secondary annuities market, Mike Smedley, pensions partner for KPMG, said:  

“The Government has listened to industry feedback on several counts relating to pensions. Firstly, it has recognised that annuities are a complicated area and has decided to delay implementation of a secondary annuities market to allow enough time to get it right. 

“It has also lowered the age at which people can access its Pensions Wise service from 55 to 50 years. The service provides free and impartial advice on pensions options and lowering the age threshold will help people better prepare for retirement by encouraging them to start planning earlier. 

“The Chancellor confirmed today that there will be a reduction in the lifetime allowance to £1m with protections to be announced later in the year to ensure that this isn’t retrospective. Again, it’s positive to see that time is being taken to ensure things are being done properly.”

 

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About KPMG

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff.  The UK firm recorded a turnover of £1.9 billion in the year ended September 2014. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 162,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.

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