While the chancellor has positioned this as all in the interests of savers, I do see something of ‘growth agenda mark II’ in this.
However, whereas his predecessor in 11 Downing Street discovered that chasing economic growth through un-costed tax cuts is just too painful in the short term, this is an altogether more gradual affair.
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Pensions money can be used to support the growth of our brightest companies. These in turn will be the wealth generators of the future.
And it is that future wealth that today’s pension savers need to support them when their time comes to retire from the productive side of the economy and have others support them through their retirement.
Adrian Boulding is director of retirement strategy at Dunstan Thomas
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