Chancellor's 'pot for life' reform could have unintended consequences

Some savers sought regulated advice on their choice and turned it into a ‘heads I win, tails you lose’ scenario.

If the plan recommended by their adviser did well, they were happy. However, if it turned out they would have been better staying with the company scheme, they made a compensation claim against their adviser – alleged pension mis-sales aplenty.

I am left with the feeling that the chancellor is sparking a major reform and that the consequences probably will not be the ones he is expecting.

Adrian Boulding is director of retirement strategy at Dunstan Thomas