Back on the topic of pensions. There have been real concerns that people will transfer out of their final salary schemes to take advantage of the new pension laws from April. At least anyone wanting to do this will have to show they have had independent financial advice.
Watchdogs will set up safeguards to ensure those ditching valuable final salary pensions, to take advantage of new freedom reforms and grab their cash instead, have taken adequate advice. Under the plans, anyone wanting to move a final salary pension of £30,000 plus will have to provide hard evidence that they consulted an independent financial adviser. And their scheme trustees must then check to make sure they are telling the truth, before any money can be transferred out.