Every time the UK Chancellor of the Exchequer rises to his feet to give his now biannual statement to the House of Commons the media clamours over itself to hail some major change or other.
Indeed, the politicians also like to make us all believe that they have come up with some bold new policy that will change our lives for ever more.
In reality though, changes to the UK system of financial rules and regulations plot a slow and methodical course. And it does so for a very simple reason: a properly functioning economy must have stability and predictability.
The 2014 vintage was no exception. The headline writers went into overdrive, proclaiming sweeping changes to pensions and annuities, the likes of which the British public has seldom seen before.
The reality was a whole lot more boring than that.
While the Chancellor put a lot of emphasis on an announcement that people with a UK pension would not have to buy an annuity, he failed to mention (and much of the media failed to pick up on) the fact that this had been the reality since 2006!
While there were changes that might affect certain holders of UK pensions, much of what was announced amounts to tweaking rather than a tearing up of the current system that has been portrayed in much of the media.
If you were considering transferring your UK pension into a QROPS before the Budget then the same principals apply.
If it was right for you then it’s probably right for you now.
Don’t let the vagaries of the political calendar adversely affect the financial decisions that will impact your life now and in retirement.
It is all too easy to become confused and overwhelmed by the abundance of often spurious information that is floating around.
As always with such matters it is vitally important to retain the independent advice of expert professionals.
