Annuities have looked like a con for a long long time to me, I'm very glad that pension rules are being reformed so that you don't have to spend your pension pot on an annuity. What sort of pension pot am I going to have? Not much of one I'd say, but it will be a nice income for an annuity provider, who would then offer me a piffling annual return. Now (well, if this really comes in, and is not reversed by the time I come to retire) I can take the money as I see fit. Maybe buy another house and live off the rent, or maybe buy a small place abroad and live quietly and cheaply somewhere in the sun. Or maybe just spend it all fast and rely on me expiring before the money runs out.
Here's an article of some side affects of this change.
Combined with the cut in beer duty, I'm nearly approving of the tories, lawks!
Paul Clarke's weblog - I live in A small town, Kent. Wed to Clare + dad to two, I am a full-stack web engineer, and I do js / nodejs, some ruby, other languages ect ect. I like pubs, parkrun, eating, home automation + other diy stuff, history, genealogy, TV, squirrels, pirates, lego, and TIME TRAVEL.