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

Boring Money and Wealth Wizards link to plug advice gap

Boring Money and Wealth Wizards link to plug advice gap

Strategic partnership to improve access to financial advice

Jenna Brown
clock 01 May 2024 • 2 min read
FCA tweaks rules ahead of pensions dashboard connection dates

FCA tweaks rules ahead of pensions dashboard connection dates

Firms will be COBS 19.11 compliant when they connect to CDA

Jasmine Urquhart
clock 01 May 2024 • 1 min read
Pensions campaigner and former WPC chair Frank Field dies aged 81

Pensions campaigner and former WPC chair Frank Field dies aged 81

Field was a former Work and Pensions Committee chair and a welfare champion

Professional Pensions
clock 24 April 2024 • 5 min read