Why a pension cashpoint is not around the corner

Why attempts to ‘sex up’ pensions flexibilities are wrong and confusing

clock

Henry Tapper explains why George Osborne's attempts to ‘sex up' pensions flexibilities as a ‘Pensions Bank' are wrong and confusing.

I give two-and-a-half cheers for George's pension package, the 'half' being for the complex misrepresented "death-tax" changes which are regressive, complicated and could easily have been dealt with using inheritance tax legislation already in place. I give no cheers for the spin-a-ling-a-ling with which the Treasury's Pension Bill was presented to the press. The Pension freedoms re-packaged as a 'pensions bank account' was not a new policy. And a pension bank account is alluring but it's not what you're going to get. There isn't going to be a pension cashpoint around the corner for t...

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

AJ Bell sells Platinum SIPP and SSAS business in £25m deal

AJ Bell sells Platinum SIPP and SSAS business in £25m deal

InvestAcc Group takes over £3.2bn book of business

Jenna Brown
clock 27 March 2025 • 1 min read
Spring Statement 25: 'As you were' following pensions exclusion

Spring Statement 25: 'As you were' following pensions exclusion

Pensions were notably lacking from today's Spring Statement

Holly Roach
clock 26 March 2025 • 4 min read
Majority of pension savers would use digital advice from providers

Majority of pension savers would use digital advice from providers

Some 73% of workplace pension savers want advice from providers

Jenna Brown
clock 24 March 2025 • 2 min read