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Monday, August 01, 2016

Political Pensions Meddling On The Horizon

As per the Telegraph:
"Millions of workers could be denied flexible access to their final salary pension pots if a radical shake-up to let companies ditch pension promises made to staff is passed by the Government. 

The move would prompt a rush of people trying to cash in their pensions which would need to be "slowed", the chairman of the Work and Pension Select Committee has said, as he prepares to launch an inquiry in which MPs will explore ways to contain the problem.
Under the measures, understood to be favoured by MPs and pension funds, cash-strapped employers would be allowed to reduce workers' pensions by tens of thousands of pounds without first going through courts. 

This would be likely to leave staff at some firms scrambling to move their money out of schemes as quickly as possible to fully encash their fund before their employer imposed cuts."
As ever, once the politicians start meddling with pensions you can guarantee there will be utter chaos!

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