Pension savings in the UK

I have recently read an interesting article in the Telegraph regarding pensions and the top places in the world to receive one.  The Melbourne Mercer Global Pensions Index has reviewed the top places, and here is their top 8:

1) Denmark
2) Australia
3) Netherlands
4) Switzerland
5) Sweden
6) Canada
7) Chile
8) UK

Denmark came out on top as schemes are well funded, with good benefits and consumers are protected effectively.

The pension reforms in the UK have been happening for the last three years and are still continuing for smaller businesses - meaning that eventually all employees will automatically be enrolled in a pension scheme.  Though it seems the UK has a little way to go to encourage everybody to proactively think about retirement.

In April 2015 in the UK, we also saw those retiring given free reign to spend their pension savings with one argument being, that a relaxing of the rules allows savers a greater freedom in their later life.

So where do we come in to all of this?  Well, here at Hopkins Law we have a number of people ask us just how these new pension rules affect how individuals can pass pension assets to their family.

Any pension policyholder dying before the age of 75 has the option of passing their pension savings (assuming they have some left!) to anyone they choose.  Their ‘nominated beneficiary’.

Anybody who has any assets should make a Will, so if this is something you think we could help with, please have a chat with our friendly Wills team, just give us a ring on 029 2039 5888 or email our specialist consultant Lynn Wheeldon.