Would you consider cashing in your pension for a lump sum?
Retired workers could be given the right to sell their pensions under plans floated by the pensions minister.
From April, working people will be able to cash in their pension savings for a lump sum when they retire.
Lib Dem Steve Webb said he wanted to extend this to existing pensioners.
His plan would allow pensioners, if they wanted, to sell the annuities they had been required to buy under the old rules to the highest bidder.
This would allow them a lump sum to spend on what they liked, and could be used alongside other pensions they have accumulated, Mr Webb said.
He told BBC News his proposal would not be implemented by April when the changes affecting working people, announced in Chancellor George Osborne’s 2014 budget, come into force.
Mr Webb has previously said pensioners should be free to spend their pension savings on a Lamborghini if they wish.
Under the changes previously announced, people reaching retirement age will no longer have to buy a guaranteed annual income, in the form of an annuity.
Do you understand what the tax implications would be if you took a lump sum? Are you going to throw your cares to the wind and have some fun and let the future take care of itself? Or do you feel responsible for your own future?
What are your views?
What are your views on this?
We'd love to hear your comments
Community Terms & Conditions
These content standards apply to any and all material which you contribute to our site (contributions), and to any interactive services associated with it.
You must comply with the spirit of the following standards as well as the letter. The standards apply to each part of any contribution as well as to its whole.
be accurate (where they state facts); be genuinely held (where they state opinions); and comply with applicable law in the UK and in any country from which they are posted.
Contributions must not:
contain any material which is defamatory of any person; or contain any material which is obscene, offensive, hateful or inflammatory; or promote sexually explicit material; or promote violence; promote discrimination based on race, sex, religion, nationality, disability, sexual orientation or age; or infringe any copyright, database right or trade mark of any other person; or be likely to deceive any person; or be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence; or promote any illegal activity; or be threatening, abuse or invade another’s privacy, or cause annoyance, inconvenience or needless anxiety; or be likely to harass, upset, embarrass, alarm or annoy any other person; or be used to impersonate any person, or to misrepresent your identity or affiliation with any person; or give the impression that they emanate from us, if this is not the case; or advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.
Nurturing a safe environment
Our Silversurfers community is designed to foster friendships, based on trust, honesty, integrity and loyalty and is underpinned by these values.
We don't tolerate swearing, and reserve the right to remove any posts which we feel may offend others... let's keep it friendly!