A majority of respondents to PP research reject Fabian Society proposals to reverse pension flexibilities as part of next summer's emergency budget.
Almost four-fifths of Buzz respondents rejected the Fabian Society idea that an incoming Labour government should make widespread changes to the Budget flexibilities.
Some 81% or respondents said Labour should not make changes, while just 15% said they should. Only 4% were unsure.
One respondent said: “Reversing pension freedoms would only cause further complexity, confusion and mistrust in pension arrangements – effort would be better spent educating people around pension savings, particularly those without access to expensive advice.”
The only logic for tax relief on pension contributions is to encourage savers to ensure they are not a future burden on the young
Another critic added: “I’m not a fan of the new freedoms. Almost every member I have talked to since the budget has asked when they can withdraw 100% of their benefits as cash. However, the pensions industry will make a laughing stock of itself if we allow these flexibilities to be reversed.”
A third warned: “There would need to be a decent alternative available before pushing people back to having to buy guaranteed income, which in their current form as annuities are very poor value.”
Some contributors said any such changes would be “political suicide”.
Other respondents, however, said they would welcome amendments to the flexibilities.
One commentator said: “I would return to capped drawdown plus flexible drawdown with a minimum income requirement of £14,000 increasing a CPI/2.5%, and no age 75 limits.”
Another added: “The only logic for tax relief on pension contributions is to encourage savers to ensure they are not a future burden on the young. If the young can understand this, there should be more votes in reversing the change than keeping it.”
A third said people needed better advice to decide what to do with their money. The commentator explained: “Freedom will mean that retirees will take their pensions funds built over a life time and waste it on ‘Lamborghinis’.
"Rather than taking money from IFAs to allow free guidance, they should pay IFAs to provide the advice to enable savers with funds less than say £100,000 to make correct decisions and possibly buy appropriate annuities.”
To see all the results of this week’s Pensions Buzz survey, visit:
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