 | BBC Radio 4's Money Box Wednesday, 13 April 2011 at 1502 BST On Radio 4 and Online |
Whether your pension plans depend on a personal, work or state scheme, the way we save for and access our pensions is changing. The new tax year brought a reduction in tax relief on the annual and lifetime allowances for pension savings. The effective compulsion to buy an annuity also ended on 6 April, but what are the alternatives, drawdown limits and tax implications? Pensions Minister, Steve Webb has unveiled plans for A state-pension for the 21st century. Proposals include a single-tier, flat rate scheme paying around £140 per week and a two-tier option, combining a basic and state second pension. When you can claim your state pension is also changing. October's Spending Review brought forward the equalisation of state pension age at 65 to November 2018. Pension age will then rise to 66 by April 2020. How much should you save for retirement? What types of schemes are on offer? When will you receive your pension? Is an annuity for you and what are the options? Vincent Duggleby was joined by: • Alison Bailey, head of policy, The Pensions Advisory Service • Billy Burrows, director, Better Retirement Group • Tom McPhail, head of pensions research, Hargreaves Lansdown Presenter: Vincent Duggleby
Producers: Diane Richardson
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