Think-tank pressures Labour to reverse retirement freedoms

clock

Labour should reverse the pension freedoms announced in the Budget 2014 if it wins the general election in May, a leftist think-tank has said.

Fabian Society general secretary Andrew Harrop said the "revolutionary" policy unleashed by Chancellor George Osborne in March would leave retirements "permanently diminished". He raised concerns that defined contribution (DC) pensions would become mere savings vehicles, and that more products were needed to help people turn their pots into long-term incomes. Harrop said: "Before now politicians have always seen DC pensions as part of a strategic framework for retirement incomes, based on long-term policy objectives such as helping everyone to avoid poverty in retirement and replace a...

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

Why documentation is king in the world of SSAS

Why documentation is king in the world of SSAS

'SSAS documentation - it isn't just best practice or a fiduciary requirement'

Caitlin Southall
clock 04 July 2025 • 4 min read
Steve Webb: Sceptical advisers should not give up on pensions dashboard

Steve Webb: Sceptical advisers should not give up on pensions dashboard

‘A big mistake to underestimate the impact it will have’

Jenna Brown
clock 03 July 2025 • 3 min read
What role can advisers play in closing the gender pension gap?

What role can advisers play in closing the gender pension gap?

Advisers are uniquely placed to influence the gender pension gap

Olivia Perry
clock 02 July 2025 • 7 min read