Private Pension Schemes
- The Regulations allowing the 'Governemnt Actuary' to set max and min withdrawls from 'Draw Down' Private Pensions Schemes should be abolished forthwith.
- The Regulations requiring the holders of Private Pension to purchase an Annuity (with the then balance of their schemes) upon reaching the age of 75 years should be abolished forthwith.
- Item 2 above was, I believe, included in the Conservative Manifesto!
Why does this idea matter?
The Governments Actuary's envolvement, in setting Max and Min Draw Down, denies the Owner of the Pension from exercising his rights in determining the amount of pension he (or she) considers is necessary to meet his (or her) needs – something the Actuary cannot possibly know.
The requirement to purchase an Annuity, at the age of 75, also deprives the pension owner of the rights to determine their own needs and with the current rates available can only ensure that they receive a 'Pittance' in subsequent income – the Insurance company providing the Annuity gambling that your subsequent life span will be minimal.