George Osborne’s pension revolution has certainly been a hit with the public, so far at least. But it seems MPs are also keen to get in on the act and not leave all the Lamborghini-inspired fun to the unwashed masses.
One was so desperate to prove his commitment to reform they approached Wingate Financial Planning chartered financial planner Alistair Cunningham to ask about the best way to abandon one of the world’s most generous final salary pension schemes in favour of a new-fangled flexible pension.
Luckily for the foolhardy MP, Cunningham persuaded him that an inflation-linked pension underwritten by future generations of taxpayers was a benefit worth keeping hold of.
Like any good adviser, Cunningham was steadfast in his refusal to reveal even the most minor personal details of his client. However, WSJ has a few theories as to the politician’s identity. Perhaps he is a Tory keen to prove how easy it will be to singlehandedly manage a pot of cash over 40 years of volatile investment markets.
Or maybe it’s a Labour member planning to prove the Government’s folly by blowing the cash on a lifetime chocolate cottage they’ll have to sleep in when their real house gets repossessed.
Could the mystery member be the coalition’s own pensions minister Steve Webb mystery shopping the adviser community? WSJ likes to think Webb plans to leave the public sector to set up the kind of collective defined contribution scheme he’s so keen employers support. If so, he may have a long wait until signing up a second member.