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Pension reforms could create £24bn black hole

Pension reforms could create £24bn black hole

Chancellor George Osborne (pictured) may have to amend the sweeping pension reforms announced in this year's Budget, as it emerges they could lead to a mulit-billion pound void in public finances.

The Daily Telegraph reported that Treasury officials have been warned that the government could miss out on up to £24 billion in tax take from pensions as a result of the changes, which include retirees no longer having to buy an annuity. As a result, pensions experts have been called in to the Treasury as part of a consultation into how to implement the reforms.

According to the Daily Telegraph, sources have said the concern is that people will now pay large sums of money into their pensions as they approach retirement and receive tax relief top-ups. They can also find ways of withdrawing their pension savings without paying tax.

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Profile: The opportunity set that attracted Brett Williams to wealth management

Profile: The opportunity set that attracted Brett Williams to wealth management

Brett Williams is best known for helping to build some of the biggest platforms in the IFA market.He made the move over to wealth management to head SEI’s UK business earlier this year in the belief that this is where the best opportunities now lie.

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