Scheme pension members left 'disadvantaged' by Budget changes

Talbot and Muir head of technical support Claire Trott (pictured) said scheme pension holders have been left disadvantaged by the changes and their only other option now is to buy an annuity. Trott explained that over recent years scheme pensions within a self-invested personal pensions or small self-administered schemes have been used to gain increased levels of income based on personal circumstances, rather than just using maximum GAD rates at the time. Trott said: "For those in a money purchase scheme pension who thought they were doing the right thing at the time, because they cou...