View more on these topics

Osborne shields state pension from £4.4bn cuts


The Chancellor says the “generous” state pension will be shielded from an extra £4.4bn of cuts needed by the Government.

The Daily Mail reports George Osborne both defended his record on private pensions and protected the future of the state pension in the Commons yesterday.

Osborne said: “Let me just say this about benefits to pensioners because it’s been raised – in the same breath, some people say to me we’re not saving enough from pensioners but at the same time complaining about everything from long-term increases in the state pension age to keep pace with rising life expectancy, to restrictions on the lifetime allowances for the largest pension pots.

“‘The truth is that we have made substantial savings from pensioner welfare – half a trillion pounds of savings.

“‘They are vital to the long-term sustainability of our public finances but we’ve made these savings in a way that enables us to go on giving people who have worked hard all their lives a decent, generous basic state pension that we committed to in our manifesto, and I am not going to take that away from people.”

Osborne also said he had no plans to make more welfare cuts.

He said: “By not proceeding with the personal independence payment changes it means spending on disabled people will be just over £1bn a year higher by the end of the decade than was set out in the Budget.

“This will be an important factor but only one of many that will affect the overall forecast for welfare that the Office for Budget Responsibility will make in the autumn and at that point we will assess the level of the cap, and what [Work and Pensions Secretary Stephen Crabb] said yesterday, with my full support, is we don’t have further plans to make welfare savings to replace the billion pounds more we will spend on PIP.”



Senior Tory warns Osborne against Autumn Statement pension tax relief reform

A newly-appointed Government whip has warned Chancellor George Osborne against returning to controversial pension tax relief reforms in the Autumn Statement. Conservative MP Guto Bebb was appointed a whip this weekend in changes following the resignation of Work and Pensions secretary Iain Duncan Smith. Speaking to Money Marketing before the appointment, Bebb said he was […]


Osborne’s Lifetime Isa points to £7bn pension tax grab

Make no mistake about it – George Osborne’s Lifetime Isa is more than just a neat little wheeze designed to woo low-earners to vote Tory in 2020. It is a clear signal to the pensions industry that the current tax relief system is on its way out. The Chancellor was blocked from pursuing the radical […]


Osborne to raise £12bn in tax avoidance crackdown

Chancellor George Osborne has laid out plans to raise £12bn by the end of this Parliament through a package of measures to target tax avoidance. In today’s Budget, the Chancellor said the Government will introduce new measures to tackle disguised remuneration, and make sure UK tax is paid on property development. The Treasury will seek […]

MPs to take more evidence on early state pension access

The Work and Pensions committee has called for more evidence to explore its proposal of early state pension access for women born in the 1950s. The committee called on the Government to look into early access as an option for women affected by the rapid escalation of the state pension age put into place by […]


White paper — Dubai International Insights

Jelf Employee Benefits discusses the legislative changes in Dubai, available medical facilities and policy considerations for employers with expatriate workforces in the country. This edition will be of particular interest to global human resource directors, compensation and benefits specialists and mobility managers who have employee populations in Dubai, or are considering operating there in the near future.


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. Andy Robertson-Fox 23rd March 2016 at 11:26 am

    “A decent generous basic pension……I am not going to take that away from people.”…except, of course, as we have done for years now from the 550,000 frozen pensioners whose standard of living is on a downward spiral year after year after year.

    By the way money marketıng are you aware that Danny Alexander – sitting on the right of Osborne is no longer in the Cabinet or even an MP and has been out of office for over ten months?

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm