Webb: Defined ambition pensions are still on the table

Jenna Towler
clock

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...

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

Women, wealth, and worry: How to close the retirement gender gap

Women, wealth, and worry: How to close the retirement gender gap

Julia Peake explores the retirement gender gap and suggests how it can be closed...

Julia Peake
clock 16 December 2025 • 4 min read
Senior pension figures question HMRC's 7.7 million salary sacrifice uptake figure

Senior pension figures question HMRC's 7.7 million salary sacrifice uptake figure

‘It doesn't take much of an error in those figures to have no benefit whatsoever’

Jenna Brown
clock 15 December 2025 • 8 min read
FCA launches consultation on adapting to a 'changing pensions market'

FCA launches consultation on adapting to a 'changing pensions market'

Outlines regime for digital pension planning tool

Holly Roach
clock 11 December 2025 • 3 min read