Pension rule stability unlikely as govt seeks to curb costs - Gregg McClymont

Around £150bn govt budget spent on pensions

Victoria McKeever
clock • 2 min read

Government changes to retirement rules will not stop anytime soon as pension provision and tax relief continue to take up an increasing share of public spending, Aberdeen Standard Investments' Gregg McClymont has said.

Speaking at a DISCUS debate on managing income in a post-pension freedom world, the Aberdeen Standard Investments head of retirement discussed why the government continued to alter retirement rules and why more change was to be expected. "I do not think there is any possibility the changes to retirement rules will stop anytime soon. Freedoms are beginning, not the end." said McClymont (pictured). "Pensions cost a significant amount of money - that is why government keeps tinkering, seeking savings." Of the £750bn annual government budget, a third - £250bn - is spent on social security...

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 Retirement

Advisers warn market volatility will threaten retirement plans

Advisers warn market volatility will threaten retirement plans

More than half expect clients to postpone or change plans

Isabel Baxter
clock 26 March 2024 • 2 min read
Perfect timing: How to advise clients on the right time to retire

Perfect timing: How to advise clients on the right time to retire

Striking a balance between health, wealth and personality

Richard Hulbert
clock 05 February 2024 • 4 min read
Baillie Gifford: Enjoying later life without an income from work

Baillie Gifford: Enjoying later life without an income from work

The latest from PA’ Digital Working Lunch webinar series

Professional Adviser
clock 12 December 2023 • 2 min read