Not A Good Budget For An Insurance Company Fat Cat Who Smokes Heavily!
I have never understood why pensioners had to buy an annuity to give themselves an income in the last years of their lives.
In fact after hearing Adrian Chiles talking about his ideas for pensions, I vowed that unless it was a capital offence, I wouldn’t buy one!
So George Osborne did the honest thing and has made it that no-one will have to buy one any more. It’s all reported here in Citywire. Here’s the summary.
The government has unveiled a landmark overhaul of pensions drawdown and has abolished the 55% tax on pre-retirement pension withdrawals, meaning no one will have to buy an annuity.
From April 2015 people will be able to access pension savings as they wish at the point of retirement, subject to their marginal rate of income tax, rather than the current 55% charge for full withdrawal.
This had two immediate consequences.
Insurance company shares dropped as reported here in the Guardian.
George Osborne was put on a stop list of those, who aren’t entitled to buy insurance.
But well done George, as he also put the tax up on fags, although he was gentle with beer and cider.
The Anonymous Widower 
[…] after annoying insurance fat cats earlier, he’s now produced a nasty little surprise for that wunch of bankers, who like to sell […]
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