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Older people should be able to use pension to fund business

Stuart Price, Partner and actuary, gives his thoughts on the suggestion that the government should allow older people to withdraw up to 10% of their pension tax-free to fund a new business…

Stuart said: “It is an interesting proposal to help stimulate business growth and meet the needs of an ever aging population. People are working longer – many into their mid and late seventies – so the concept could be of real interest to them. Older people don’t necessarily want to be working nine to five, five days a week, or doing strenuous, manual jobs. Offering an incentive like this could allow them to set up a business that they can run in their own time, doing roles they enjoy and are physically able to do.

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