Nigel Green, chief executive of one of the world's largest independent financial consultancies, has slammed George Osborne's decision to lift pensions access restrictions, calling it "dangerous," "short sighted" and "ill-conceived".
Mr Green of the deVere Group said after the Budget announcement:
This move to scrap the restrictions is in direct conflict with the spirit and purpose of pensions - which is to provide the individual with an income throughout their retirement.
It’s a depressingly short sighted approach from the Treasury.
The pension changes announced in the Budget yesterday are a risk and based on "highly uncertain assumptions", according to a think tank.
Critics warn the major changes to retirement savings could leave pensioners short if they don't make the right decisions.
The annuity provider welcomed the Chancellor's pensions changes despite the firm's share price dropping 8% after the Budget announcement.