Webb: Defined ambition pensions are still on the table

Jenna Towler
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Pensions Minister Steve Webb says he remains committed to defined ambition (DA) despite the Budget scrapping restrictions on how people take their pensions income at retirement.

Last month, Chancellor George Osborne said anyone over 55 would be able to take their entire pensions as cash from April 2015, subject to the marginal rate of income tax. Shadow pensions minister Gregg McClymont challenged Webb's DA hopes in light of the Budget, questioning whether it could be successful considering its reliance on intergenerational risk sharing. Speaking at the Baker Tilly pensions conference on Thursday, Webb reaffirmed his vision for DA, arguing savers would continue to value certainty in retirement. He said there would still be demand for risk-pooling and risk-s...

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