Pre-Budget Report 'should address pensions issues'

Aspects of the UK's pensions system should be addressed in next month's Pre-Budget Report, it has been claimed.

According to the Association of Independent Financial Advisers (AIFA), issues relating to equity release should be looked at, with the capital disregard affecting benefits that are means-tested assessed.

Meanwhile, the organisation's Director General Chris Cummings has noted another area which the AIFA wants to see tackled.

He commented: "The rules requiring pension income to be secured by age 75 need to be reviewed to ensure they appropriately balance the needs of retirees with the needs of taxpayers."

Mr Cummings went on to say that some of the current laws surrounding pensions may not be up to date.

Meanwhile, the Tax Incentivised Savings Association has called for the Pre-Budget Report to contain a commitment to its Workplace ISA proposals.

It believes that such products could encourage people to improve their retirement saving focus.

Written by Liam Tomlinson.