|
The Guardian’s Polly Toynbee says children are not George Osborne’s priority. For this captain it is older people first to the lifeboats, women and children last. A smell of decadence and corruption hangs in the air of a society when tomorrow is sacrificed for today, like the Easter Islanders who cut down all their trees and so exterminated themselves.
In The Times Patrick Hosking says trust in pensions requires savers to be quietly confident the rules will be more or less the same in 30 or 40 years’ time. That’s an alien notion for featherbedded ministers riding the five-year electoral cycle.
The Daily Telegraph’s Fraser Nelson thinks that this week, the Chancellor unveiled a Budget that was every bit as radical as he claimed – and for reasons that Westminster has yet fully to comprehend. The pensions revolution he announced effectively signals the end of the social contract that has underpinned the welfare state since its creation.
The Daily Mail’s Tom Utley asks: What is it that John McTernan doesn’t understand about the words ‘their own money’? How can it possibly be preferable to sink his life-savings into some pathetic annuity, to be picked at by the vultures of the insurance industry, when he and his wife can spend the money on what they want — with any left over for her widowhood?
The Independent’s Andreas Whittam Smith thinks that despite the new freedom, it might still be wise to purchase an annuity. For it pays out until you die and thus removes the risk that you live so long that you use up all your savings and end up penniless in your final years. On the other hand, if unfortunately you die shortly after taking out an annuity, the “wasted” capital won’t be returned.
In The Daily Express Chris Roycroft-Davis says that by tearing up the tax rules which shackled pension pots and forced people to buy meagre annuities they didn’t want, the Chancellor did more than offer financial hope to millions. He also struck a mighty blow for the freedom of the individual.
|