‘This reform is about treating people as adults’ — according to the Pensions Minister Steve Webb. The announcement of a pensions revolution in this week’s budget took everyone by surprise, leading to the question of whether there has been enough consultation on the changes. Webb said on the Sunday Politics today that evidence elsewhere shows the coalition is doing the right thing:
‘We know from around the world – places like America and Australia – where people already have this kind of freedoms. So we already have some things to judge by. We’re going to spend the next year talking to people working it through, including a three-month consultation. There is a lot of detail to be worked out. ‘
According to Challenger Retirement Income, Webb is right about Australia.
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