The new pension rules replaced 8 former pension tax regimes with one new simplified regime and an era of “Pensions Simplification” was born. Most commentators welcomed the simplified rules and future pension planning seemed to be easier and more straight forward than before.
And if that was not enough the European Court of Justice ruled last week that insurers cannot set different premiums for men and women as this would be classified as gender discrimination. This will have a marked effect on the cost of annuities.
The new pension rule changes will produce winners and losers and will have an effect on individuals both pre and post retirement.
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