Government’s Rejection to an Early Pension Access Receives No Surprise
The Government’s decision to not to allow pension customers to access their saving before the age of 30 does not came as a surprise to Mike Morrison, who is Head of pensions from AXAs wealth division.
As per report, Mike had carried out a survey which showed that only 33% customers were in favor of the rejected move contrary to the popular belief of education as a future investment.
Responding to the news, Morrison claimed, “The associated short-term benefits of allowing early access to pension pots were not seen to be strong enough to counter the longer-term potential pitfalls”.
Further, Morrison asserted that ISA or other long term investments are more suitable to cater to the urgent needs of the customers rather than accessing the pension saving and even that before the age of 30.
Besides Morrison, another lawyer had predicted that the Government’s proposal was mere a political attempt to attract the attention and had nothing to do with the actual aim of improving the pension savings.
Further, Robin Ellison, Head of pension’s strategic development at Pinsent Masons, claimed that the possibility of getting an approval of access to the pension saving before the age of 55 by the Treasury was paltry from the very beginning.
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