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UK: Changes to pension rules a 'revolution', says George Osborne

  • George Osborne, the UK Chancellor of the Exchequer, has hailed the changes to pension rules as a “revolution”. He said the steps were the “biggest changes” to pensions in the UK in a century, media reports said.

    People who are 55 and older now have greater flexibility to decide how they want to deal with their retirement savings. Osborne said people should make use of the state-run Pension Wise guidance service.

    While welcoming the flexibility in pensions, the Labour party said the David Cameron government had not given enough thought to “rip-off” risks to people’s savings.

    Tagged as: George Osborne, UK, Chancellor, pension rules, retirement savings, Pension Wise guidance, Labour party, David Cameron, business news