George Osborne wants you to believe that this is a good thing.
In fact, it means the economy is enjoying a short-term boost while people spend the money – but then, of course, they will be £1 billion short of cash when they finally retire. Unless they are already very wealthy, these people are robbing their future to pay for their present.
According to The Guardian, Tom McPhail, head of pensions research at financial advisers Hargreaves Lansdown, said the change was equal to the Right to Buy council house sales revolution of the 1980s: “In the same way that Margaret Thatcher introduced millions of people to home ownership, George Osborne is now introducing millions of people to pension ownership.”
Oh really? And what happened to all those newly-privatised homes?
Most of them were sold on to private landlords who then rented them out at a higher cost. Meanwhile the UK’s council house stock was depleted so badly it never recovered.
Is that what’s going to happen to pension funds? Fatcats benefit while funds are depleted beyond help?
If so, Osborne can keep his backward-facing ‘reforms’.
His friends are already making far too much money from the rest of us.
Follow me on Twitter: @MidWalesMike
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