Consumers are being advised to protect themselves from a possible u-turn on alternately secured pensions. This comes after the department for work and pensions has admitted that savers are being deterred, as they will be means tested before receiving benefit.
Since the introduction of alternatively secured pensions, they have enabled a small but wealthy minority to take tax advantages and not used for the purpose that they were intended which was use by a small group of people who have religious beliefs against buying annuities.
In light of this the government may clamp down on people taking out alternatively secured pensions in an attempt to reduce costs.
Our view
This is prejuduce and we believe unlawful. You cannot discriminate in this country whether you are Hindu, Muslim, Christian or Martian!
The flexibility of the alternatively secured pension option should remain for all - if it is not no doubt some wealthy individual or large corporation will take HM Revenue and Customs to Court and we support the move as it must be one rule for all.