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Stock impact report

Savers to cash in £100k gold-plated pensions in red tape shakeup [Yahoo! Finance]

Aegon Ltd. New York Registry Shares (AEG) 
US:NYSE Investor Relations: aegon.com/investors
Company Research Source: Yahoo! Finance
The Department for Work and Pensions (DWP) is considering raising the £30,000 advice threshold in order to unlock transfers for those with small retirement pots. Transferring out of a defined benefit (DB) pension is considered high risk because savers could end up worse off as a result of forfeiting the guaranteed income these schemes provide. For this reason, savers are required to take financial advice if they want to transfer a pot worth more than £30,000. This has been the case since the pension freedoms were introduced in 2015. But the DWP is now considering increasing this threshold to make it easier for savers to transfer their pensions and unlock the flexibility of a defined contribution (DC) scheme. One source told media group Citywire the Government is looking at raising the threshold to £100,000. Steven Cameron, of pension company Aegon, said: “At the moment, individuals with DB pensions worth between £30,000 and £100,000 will find it extremely difficult to find Show less Read more
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