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Durability Of Pension Reforms Questioned

The government’s flagship pension policies may not survive a change of government, according to a survey of financial advisers by investment platform provider AJ Bell.

The Chancellor’s 2014 Budget pensions freedoms, which will eliminate the requirement for pension savers to buy annuities, will be introduced in April 2015.

The research by AJ Bell found that many financial advisers doubt the durability of the reforms:

  • 64% said they don’t think the changes would last 12 months if there was a change of government in May 2015
  • 60% believe the reforms have been too far-reaching.

Andy Bell, chief executive of AJ Bell, said:

“Whilst we welcome the additional flexibility available to savers, our poll showed that many advisers are as concerned as us that the new rules could be reversed sooner rather than later if we see a non-conservative government come into power.

“It is of major concern that a non-Conservative government will decide that the changes have gone too far, too soon and will scrap or seriously water down the changes. If this happens we risk destroying the public’s faith in pensions.”

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