21 March 2007, Responding to the Chancellor’s decision to tighten up the provisions for the operation of members’ and dependants’ alternatively secured pension (ASP) funds, Geoff Tresman, Chairman of financial advisers Punter Southall says:

“It is clear that The Treasury has ignored advice from Industry experts and consumers and has stuck with the crippling 82% tax charge that will be applied to remaining pension funds on death. The arguments that have been used by the Government to support this stance are at best shallow and at worst cynical, as they are predicated on the basis that the vast majority of people who will be affected by it will remain ignorant of it for many years to come.

“This is very reminiscent of Brown's raid on pension funds in 1997 when he began stripping £5billion a year from UK pension funds, whilst the vast majority of people affected were blissfully unaware. This is a retrograde step and will do nothing to enhance confidence in pensions, which this Government publicly promotes.

“The implications of this second U-turn will be far reaching.

“Brown, in this Budget, has once again succeeded in burying the bad news behind the headline grabbing tax reductions.”

For more information please contact about Punter Southall, or to speak to Geoff, please contact:

Penrose Financial

Punter Southall Group
The Punter Southall Group provides a complete range of employee benefit and investmentrelated services for companies, pension scheme trustees and individuals. It incorporates the following businesses:

• Punter Southall – consulting actuaries
• Punter Southall Transaction Services – corporate transaction advice
• Punter Southall Financial Management – independent financial advice for individuals
  and corporate benefits
• PSolve Asset Solutions – investment advice and investment management for pension
  funds and other large investments
• PSigma Investment Management – investment management for individuals
• PS Independent Trustees – independent trustee services

With offices in London, Guildford, Wokingham, Edinburgh, Birmingham and Bristol, the
Punter Southall Group companies collectively have hundreds of corporate, pension
scheme, charity and individual clients.