“This is another positive step toward making pension saving more attractive and another huge blow for annuities. Those hard-working people who have made sensible provision for their own retirement, and their beneficiaries, will welcome the Chancellor’s decision.
“The move should also mean that people approaching retirement, or with funds already in income withdrawal, should review their plans about how, where and when they take money from their overall retirement savings.
“However it should not be seen as a ‘get out of jail free card’ for the next generation, as increasing costs of care and longevity may have a significant impact on the amount that can be bequeathed.”
Adrian Walker, retirement planning manager, Old Mutual Wealth