Brexit set to derail pension freedoms

Aegon’s Mr Cameron said: “Ahead of the Budget there had been some speculation that he’d seek to make savings on pensions by reducing the generosity of tax relief.

“While a future chancellor may have difficult decisions to make, they at least won’t have the target of a budget surplus by 2020 hanging over them and we would hope that pensions and tax relief thereon won’t be seen as a source of savings.”

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Last week, Financial Adviser revealed Britain’s decision to exit the European Union is unlikely to change the need for financial advisers to meet MiFID II requirements and the demands of other rules generated by Brussels.

Mark Spiers, head of wealth management and banks at regulatory consultants Bovill, said: “One of the prime movers behind Mifid II was the FCA so it doesn’t really matter if we leave the EU tomorrow or today - it is coming in come what way.”