A recent industry report has claimed that a retirement income of £15 000 is necessary to provide a “comfortable” standard of living.
However, the National Employment Savings Trust reported that there is no “happiness benefit” above an income of £40 000 per year.
Since George Osborne’s 2014 Budget announcements regarding UK pensions there has been much discussion around the impact on pension transfers and QROPS.
QROPSreview has previously reported that many of the announced changes have actually been in place since 2006. However, much of the pension flexibility that has got many people excited will not apply to those with final salary pension schemes.
Final salary pension schemes are a type of ‘defined benefit’ scheme where you are promised a certain income in retirement. The amount received is based on a range of factors including; length of time served, your final pensionable salary and the scheme’s particular accrual rate.
20-22 Wenlock Road
London, N1 7GU
United Kingdom
© 2024 QROPS Review.
