Petition Budget 2014 - Freedom and Choices in Pensions

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Please reconsider providing total freedom of access to pension funds, to all those aged over 55 and amend the proposal to require everyone to secure a minimum level of guaranteed income (eg from their state pension, final salary (defined benefit) pension or guaranteed lifetime annuity) of £12kpa before being able to make unlimited withdrawals.

This change is necessary for the following reasons:

• Ordinary people with small pension funds will be at risk of exhausting their retirement savings, in a very short period or sit on their cash and be afraid to spend it
•It is unfair to transfer the risk of retirement income provision from an insurance contract (this is what a guaranteed lifetime annuity is) to an individual who cannot predict how long they will live.
•The proposals for guidance at retirement are well intentioned but very unlikely to deliver the depth of information required for those retiring to make informed decisions.

This petition is closed This petition ran for 6 months

67 signatures

Progress of the petition towards its next target: 67 of 10,000 signatures required to get a government response

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10,000 signatures required to get a government response

Date closed 4 October 2014
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