Mark Stopard, Head of Product Development at Partnership, commented on today’s Autumn Statement:
“The Autumn Statement is a bonanza for older people as the Chancellor levels the playing fields and provides confirmation around Pensioner Bonds.
“The move to change the tax rules around annuities means that people can choose a guaranteed income for life (i.e. an annuity) without their spouse being penalised should they outlive them.
“This is a welcome step forward and another reason that eligible customers will find enhanced annuities, which pay a 65 year-old an average annual income of around 6.5%, attractive.
“Finally, we welcome the new tax-free ISA inheritance decision and the upcoming confirmation around Pensioner Bonds. In the current low interest environment, the opportunity to leave your ISA savings to your spouse tax-free is excellent news as is the opportunity to gain market-leading rates on bonds specifically designed for the over-65s – many of whom have saved their whole lives.”
What will the Autumn Statement mean to you? Will it have a positive or negative impact on your standard of living? Ed.