I predict a U-turn: Dennis Hall on Osborne's pensions 'false largesse'

I don’t think I’m speaking out of turn when I say this government is wilfully playing fast and loose with people’s futures.

clock

I don't think I'm speaking out of turn when I say this government is wilfully playing fast and loose with people's futures.

It is a false largesse to give people greater access to the money in their pensions. It's both foolish and a cynical tax grab. Once saner heads prevail I'm forecasting a U-turn. It's clear government only half understands pensions otherwise why reduce income drawdown to 100% of GAD one year, raising it back up to 120% the next, before swiftly increasing it to 150% before the ink's dried on the last change? Allowing income withdrawal at a rate significantly greater than the growth in the underlying funds is the wrong way to solve the retirement income problem. But for now it is perhaps...

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

Many savers not accessing guidance or advice ten years on from pension freedoms

Many savers not accessing guidance or advice ten years on from pension freedoms

Fewer people understand their options now compared to three years ago, IFoA finds

Holly Roach
clock 07 April 2025 • 4 min read
Pensions consultancy calls for 'fairer' Financial Ombudsman Service

Pensions consultancy calls for 'fairer' Financial Ombudsman Service

First Actuarial says pension redress sitting at ‘historic low’

Holly Roach
clock 04 April 2025 • 1 min read
FCA outlines thinking on using pension pots for house deposits

FCA outlines thinking on using pension pots for house deposits

FCA CEO Nikhil Rathi ponders radical thinking on pension savings

Jonathan Stapleton
clock 02 April 2025 • 3 min read