Ken Davy: Osborne must restrict freedoms for DB clients
Following my article of 28 January, ‘Advisers must save people from themselves’, I was pleased to see some online comments respectfully disagreeing with some of the points I made.
It was an unusual reaction, you may think. However, I believe it is great to see advisers debating a topical issue which means a lot to them. All the more so, when the foundation of all of our stances is the same – how best to advise clients.
In this case, my view is that George Osborne should restrict pension freedoms for current members of final salary schemes at the next Budget or, at the very least, ensure it is available only at their normal retirement date. I also accept that there are a few exceptional cases where one could argue that cashing a final salary pension early may be in the client’s interest.