The Conservatives have added £850 to the basic state pension since 2010 – every year we have increased pensions by 2.5%, inflation or average earnings, whichever is highest.
And from today, pension savers can do what they want with their money – because it is their money after all.
Under one of the boldest reforms of this Government, people with a defined contribution pension no longer have to buy an annuity to enjoy the benefits of their hard work. Savers will be able to invest the money in any way they want – to invest in property or community assets or to take it as a lump sum. The first 25% can now be accessed tax free.
A free, independent financial advice service, Pension Wise, has been created to help people make their decision.
If you work hard and earn money, it is yours. No government or big pensions company should lock your savings up and force you to buy an annuity to access it.
Conservatives have also protected winter fuel payments, free bus passes and TV licenses for pensioners – we will continue to protect these payments in the next Parliament as well.
People who are older, savers, pensioners – their lifetime of work will always be recognised and rewarded by the Conservatives.