LEBC Group (LEBC), the financial planners welcomes the additional choices savers are being offered in the reform of pensions savings and ISAs. However they also warn that investors may need better guidance on how to use this freedom to their long term advantage and avoid the temptation of spending too much too soon.

LEBC says that the whole package of liberalisation of pension funds means is that it will be more important than ever for those with pensions and savings to have a financial plan in place to help them manage the way in which they access their savings and income throughout life.Kay Ingram, divisional director, individual savings and investments says: “The new rules offer more flexibility and access to savings and pensions without some of the restraints which currently apply. The extra choices carry more personal responsibility for individuals to use their accrued wealth wisely. Liberalising the rules does not make the problem go away – it just makes the individual more responsible for their own future. Ultimately the question everyone has to face is “Will my money last as long as I do?”