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

CRM integration project highlights AI-powered innovation potential

CRM integration project highlights AI-powered innovation potential

Project reflects a broader shift in adviser technology

Joe Power
clock 04 August 2026 • 3 min read
Pensions minister Torsten Bell: 'Together, we are going to finish the job'

Pensions minister Torsten Bell: 'Together, we are going to finish the job'

Bell was reappointed to the pensions minister role in the government reshuffle

Holly Roach
clock 27 July 2026 • 1 min read
Pension adequacy – are we focusing on the wrong measure of success?

Pension adequacy – are we focusing on the wrong measure of success?

'The current system can unintentionally create a false sense of reassurance'

Caitlin Southall
clock 24 July 2026 • 4 min read