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28 Jul, 2010 - UK government could grant
early access to pension funds
Pensions minister Steve Webb has announced
that he is considering allowing people early access to pension
funds if they are in dire need.
He said that such occurrences as falling behind on mortgage
payments could benefit from having access to money locked away in
pensions.
Economists believe that relaxing the rules surrounding pensions
could encourage many more to start saving for their retirement and
make schemes look attractive. For the majority knowing that they
could access their fund in an emergency will make the idea of
saving towards a pension a no brainer.
People can typically access their pensions in the UK after they
turn 55, something that the government plans to change in order to
allow more Britons to save. One in five is not saving anything for
retirement. The Coalition is committed to enrolling automatically
up to 10 million workers in a pension scheme from 2012.
If you would like more information on pensions and retirement
planning, please click
here.
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