Is there a light at the end of the tunnel or are we being restricted still further with our pension options?
Over recent years, pensions regulations have made it a mine-field for the layperson to understand.
The major rule changes (including the so-called ‘pensions simplification’) seem to bring in more and more restrictions.
However the burning issue for most of us prevails: will we have enough to live on when we finally retire?
George Osborne has announced that the most anyone can contribute to a pension scheme in any one year will come down from £255,000 to just £50,000. On the face of it, it you have surplus cash, this is very restrictive.
However, did you know that if you haven’t made a contribution in the last 3 years, you can ‘catch up’?
For best advice and essential information talk to the financial department of Cheers Insurance Brokers.