Siobhan Mail, Director and pensions expert at Newport-based Seer Green Financial Planning specialists, said: “We welcome the changes to the pensions and savings sectors announced in the Budget as very positive moves, creating the opportunities for more people to make better-informed retirement choices.

“It’s right that the Government should be looking to encourage long-term saving. Tax incentivised savings such as ISAs and pensions are crucial if we are to address huge savings gaps faced by the UK population. But increased ISA limits and improved investment flexibility are only part of that story.

“This is a positive shake-up in pension legislation with the proposed changes giving pension savers more control over the income they take from their pension pots. The changes for capped and flexible drawdown give welcome flexibility in advance of the more radical changes to follow in 2015. These combined changes should make saving for retirement much more appealing.”

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