Advice Furor

I am (obviously) a great advocate of people seeking advice when it comes to all matters relating to pensions in the UK. We have one of the most complicated pension systems in the world due to decades of rule meddling and the intertwining of a complicated tax system.

 

One of the up shots of the Budget announcements on pensions was the proposed increase in the options available for those retiring and also amendments to the pre-existing options. All in all, it made the subject of pensions more complicated than ever before.

 

It is now almost impossible to make an informed decision on pensions without seeking advice and for many this is outside of their financial reach.

 

Or is it?

 

The Chancellor announced in the budget that everybody should have the right to access free advice at retirement and launched the 'Advice For All' Scheme, setting aside £20 million to fund the initiative for the next 2 years.

 

Great news, right?

 

Oh come on.....you know the rules by now with this lot......always check the small print!

 

According to the 2011 census, 1.2 million people will retire over the next 2 years......which leaves the new 'Advice For All' Scheme providing £16.67 per person.

 

In a word......pathetic.

 

We all deserve better than this.