Pensions freedom has encouraged short-termism - adviser

The Camargue House financial planner said whereas prior to the reforms consumers were forced into buying an annuity and dealing with an income in retirement, now they focus on the cash they are able to withdraw when they turn 55 and spend it on the high street. The problem applied particularly to people with smaller pension pots, who had the greatest need to save and were therefore most vulnerable to "short-termism", Spargo said. "When flexi-access was announced a couple of years ago I saw it as kind of a tax grab, as so many pensions were suddenly being crystallised and so much incom...