Pensioners still being forced to buy annuities

Sarah Coles
Chancellor of the Exchequer George Osborne
Chancellor of the Exchequer George Osborne

In this year's Budget, George Osborne announced a new era for pensions. Once reforms come in next April, we will no longer be forced to buy annuities. From that point we will have the freedom to withdraw cash as we like and spend it on what we want - to make sure we all get value from our retirement savings. And as an extra bonus, he said that anyone retiring between the announcement and the new system coming into force can delay any decisions until the new era has dawned.

However, in reality it seems as though the system isn't working.%VIRTUAL-SkimlinksPromo%