Doncaster finance expert criticises government growth plan for failing pensioners

The Growth Plan announced by the Chancellor of the Exchequer earlier revealed several tax cuts including stamp duty and reduction of basic income tax to 19 percent, plus reversals on recent increases of national insurance and corporation tax.

However, Doncaster finance company My Pension Expert highlighted that the budget failed to take any action on pensions and the issues facing people of pension age.

Executive chairman Andrew Megson said: “The government has been undeniably bold in this ‘mini budget’ – much to the relief of many Britons. Indeed, a reversal of the National Insurance hike and income tax cuts will in the short term, boost the amount of pay people in work take home each month. Greater support for businesses is also welcome.”

“Yet, pension policy has largely gone unmentioned. Perhaps not surprising, particularly as the UK’s pension minister was only appointed on Wednesday. However, it is vital that the new-look DWP hit the ground running and address the most pressing issues facing pension planners.”

Alex Burghart was selected as the new pension minister earlier this week and is expected to bring in new policies in the area.

Andrew Continued: “The greatest of which will be bringing inflation under control. Until it drops notably, people's savings are losing value in real-terms. And this has driven almost one in ten (seven per cent) of adults aged 40 and over to ‘unretire’ in 2022, according to My Pension Expert’s research. Confirming the reinstating of the triple lock would have provided some reassurance here.”

“Fast-tracking the long-awaited - and frequently delayed - pension dashboards programme should also be a priority. It would give pension planners greater insight into and control over their retirement savings. Moreover, the Government must commit to working with the pension sector to champion the role of education and improve access to independent financial advice. Doing so will ultimately enable savers to develop a strong retirement plan, tailored to their specific needs. Let's hope there is more to come in November's Autumn Budget.”

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