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New rules drive pension seminar success
Article date: 11/03/2015
Fears that affluent retirees will blow their pension pots on Lamborghinis appear to be unfounded according to delegates who attended a recent seminar at Higgs & Sons solicitors.
The Pension Changes Seminar held at the firm's Waterfront headquarters on 5 March, looked at the changes which are set to allow over-55s unlimited access to their retirement savings from April. A questionnaire given to delegates, asked whether they would now be tempted to use their pension funds to buy luxury items such as a Lamborghini; and the answer according to the Higgs' attendees was a resounding, no.
"That particular question was a slightly tongue in cheek response to the comments made by Pensions Minister Steve Webb last year that retirees would be free to spend their money on Lamborghinis," explains Robert Leek, a partner at Higgs & Sons.
"Although the majority of people (82 per cent) said they were not set for a trip to the car showroom, what the results did show was that over 70 per cent of respondents would be seeking to review their pension arrangements as a result of the forthcoming changes."
The pensions seminar saw 85 local business men and women come along to hear a presentation from Higgs' Lucy Obrey, a partner who specialises in wealth preservation, and pensions expert, John Woolley from London based consultancy, Technical Connection.
"The new rules coming into force next month mean significant changes for over 55s who have built up large pension funds," comments Lucy.
"From April, people will have the option of taking a number of smaller lump sums, instead of one single big lump sum, and in each case, 25 per cent of the sum will be tax-free. This allows for much greater freedom for those who built up healthy pension pots to spend however they wish."
And though a Lamborghini was not on the shopping list for the majority of those who were at the seminar, one lucky attendee did get the chance to sample what it is like to own an Italian supercar after winning a Lamborghini experience day in a prize draw.
"The response from those who attended the seminar was extremely positive," concludes Robert Leek. "Although only one attendee came away with a Lamborghini - albeit for just one day, we feel the information everyone took away with them will prove to be just as valuable."
Higgs & Sons offers a range of client focussed seminars and networking events throughout the year. For details of forthcoming events, please contact Sarah Cornick or go to http://www.higgsandsons.co.uk/news--events/ .
Partner Lucy Obrey presents at Higgs & Sons' pensions seminar