“Raiding pensions isn’t the answer” – pensions expert weighs in pre-Budget

Lily Megson, Policy Director at My Pension Expert said, “It’s vital that government tread carefully with this Budget, particularly with regards to one of people’s most important assets: their pensions.

“Rumours have flurried in recent weeks over the barrage of aggressive fiscal policies Reeves could use to boost tax revenues. The has led to a real anxiety amongst savers about what the future holds, with many still reeling following years of financial instability. This instability paired with policy whiplash has bred a culture of fear among Britons that must not be underestimated.

“Raiding our already-eroded savings and pension pots to claw back tax revenue is not the answer. Yes, balancing the books is essential, but so is savers feeling secure and confident in their financial and retirement planning. Policymakers must remember that short-term fiscal gains cannot come at the cost of long-term consumer security.

“With this Budget, if the government enacts pension policy shifts mindfully and with restraint, it has a rare opportunity to begin restoring public confidence, rather than instead increasing their financial burden and fuelling resentment. Let’s make sure this Budget strengthens, rather than weakens, the public’s faith in their financial future.”