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Pensioners to receive independent 'impartial' guidance

Savers will receive free independent guidance as part of a move to give unfettered access to their pension funds from next year, the government said.

The Government's response to the consultation, published today, confirmed that the Government will continue to allow individuals to transfer from private sector defined benefit schemes to defined contribution pension schemes.

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Govt to detail pensions overhaul with tax reforms

The government will publish new rules for the pensions industry giving retirees greater access to their savings and free financial advice, fleshing out reforms announced earlier this year that shook the share value of British insurers.

Chancellor of the Exchequer George Osborne. Credit: PA

Chancellor George Osborne caught Britain's pensions industry by surprise in March when he scrapped a rule forcing people to buy an annuity, a financial product which converts a retiree's pension pot into a guaranteed retirement income.

"It's right to support hard working people that have taken the long-term decision to save for their future and I'm pleased that the responses we had to our proposals on making pensions more flexible have been overwhelmingly positive," Mr Osborne said.

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