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Ex-pensions minister backs Chancellor's decision

Steve Webb has backed the scrapping of a planned pension reform but says he wants guarantees Credit: Danny Lawson/PA

Former pensions minister Steve Webb has given his backing to Chancellor George Osborne's decision to scrap potential pension reforms.

Webb, who is now the director of policy for Royal London, said he did support a flat rate but now was not the time for further upheaval as people needed help to encourage them to save.

He told the BBC: "There is a case for reform, for giving everybody the same generous rate of relief. One of the worries was that the Chancellor wouldn't just take the existing pot and just reallocate it but he would take billions out - there really are tens of billions of pounds at stake in tax relief.

"Given that we are actually not saving enough, we need more help to save for our pensions, one of the big fears was that this would all be about the hole in the budget not about promoting long-term saving."


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