There may well be unintended consequences as things are thought through by industry experts, therefore perhaps having a watching brief at this stage, as opposed to immediate action, may be prudent.

From a pensions perspective, there was much anticipation in the run up to the Budget followed by a widespread sigh of relief that there were no changes announced to the tax basis that incentivises people to save.

Those, however, who are fortunate enough to be in a position to be using their pension as an intergenerational wealth transfer vehicle are now likely to be looking to their adviser for help to review their plans. 

Les Cameron is head of technical at M&G Wealth