Budget pension changes dubbed 'strange' by committee chairman

clock

Dame Anne Begg has criticised the government for launching a major overhaul of the pension system without considering the long-term effect.

Speaking at Incisive Media conference Pensions and Benefits UK, Begg (pictured) - chairman of the Work and Pensions Select Committee - said it was "strange" that the Chancellor announced the changes before running a consultation. She questioned whether the decision to give defined contribution (DC) savers more freedom about how they take their pension pot would benefit the majority of workers. Begg added that the changes had more to do with short-term tax advantages than long-term policy and said it would be difficult to implement them by the April 2015 deadline. She told delegates...

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

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
Crucial advice issue: Death benefits detail advisers need to know

Crucial advice issue: Death benefits detail advisers need to know

Important differences from previous regime

Andrew Tully
clock 05 April 2024 • 4 min read
British Steel a stark reminder of obligations around client files

British Steel a stark reminder of obligations around client files

Lawyer Philippa Hann reflects on her work around the pensions case

Hope Coumbe
clock 27 March 2024 • 2 min read