PRIME Minister David Cameron has written to Bolton residents to say pension reform will mean a more secure retirement for residents.
The Queen’s speech on Wednesday laid out the government’s shake-up of the pension system, which ends the need to buy an annuity and gives 300,000 people every year to access their pensions as they would like.
Mr Cameron, pictured, said: “At the moment, when you retire, most people have to buy an annuity, which controls when and how you get your pension.
"We are changing that, meaning you can spend what you have saved for retirement as you see fit. You’ve earned it, you’ve saved it, you can decide what to do with it.
"And these changes are going to make a massive difference in Bolton, where it’s estimated that in 20 years’ time, over one in five people will be of state pension age.
“My message to the people of Bolton is clear — if you have worked hard and planned for the future, we are on your side.”