Some have compared it to a farce worthy of Alan Ayckbourn, others have condemned it as a missed opportunity. Whatever your opinion, the Chancellor’s U-turn on pensions reform is a blow for low income workers and a boost for middle-class savers.
Under proposals mooted by the government (and let’s not forget that they were no more than that – proposals), a radical shake-up of pensions was due to be unveiled in the Budget later this month. A raft of measures were under consideration but the one grabbing the headlines focused on a change to tax relief on pensions contributions.
Britain’s unwieldy pensions system has long been the subject of much debate, not least from successive governments, all of whom have pledged to ‘simplify’ and ‘streamline’. None have succeeded, despite millions spent on consultations, focus groups and industry panels. This time it looked like George Osborne might buck the trend and make a real change.
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