Fears of wild spending after the scrapping of compulsory annuities ignore the need for careful tax planning. We look at what the pension changes mean for you
George Osborne has promised to let retiring workers do as they please with their pension savings from next year. But what will the changes mean in practice what will you be able to do with your money, and will the freedom to access your cash mean better retirement incomes?
Pensions minister Steve Webb says savers should be free to buy a Lamborghini if they wish but that if they squander the money they'll only have the state pension to live on. Others predict a fresh buy-to-let boom as savers put their pension money into property rather than much-hated annuities.