Terry Smith criticises Clegg's 'brain dead' pension idea

clock

Terry Smith has criticised Nick Clegg's "brain dead" idea to allow parents to use their pension to help their children on the "over-priced" property ladder.

Smith, founder of Fundsmith, said the deputy prime minister had "apparently come up with a brilliant idea" to allow parents and grandparents to use part of their lump sum from their pension entitlement to pay the deposit on their children's property purchases. "The ‘idea' of people who mostly already have inadequate pension provision using part of it to give their children a stake in what are almost certainly still over-priced houses in the UK beggars belief," Smith said. "It is yet another example of the obsession which UK politicians have with house prices. "They seem not to have...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Pension schemes' in-house advisers raise conflict of interest concerns

Pension schemes' in-house advisers raise conflict of interest concerns

Growing number of master trusts and DB schemes offering restricted advice

Laura Purkess
clock 18 February 2026 • 3 min read
Industry calls for whole market approach to FCA pension transfer reforms

Industry calls for whole market approach to FCA pension transfer reforms

Consultation responses suggest proposals risk creating ‘disjointed’ and ‘confusing’ experiences

Martin Richmond
clock 11 February 2026 • 7 min read
Scottish Widows launches investment options to boost DC private market opportunities

Scottish Widows launches investment options to boost DC private market opportunities

Unveils Lifetime Investment Plus and Lifetime Investment Extra funds

Holly Roach
clock 04 February 2026 • 2 min read