Financial Planner's Budget 2014 Panel: Andrew Roberts, partner at SIPP and SSAS provider Barnett Waddingham.

1. How do you rate this budget for Financial Planners?
There was no shock removal of the tax-free cash sum on retirement or restriction to tax relief on contributions and there seemed to be a strategy for a long-term pensions. This is good news, provided a new government doesn't tinker.
2. What are the positive elements for the FP community?
The increase in ISA allowances and removal of capped drawdown will allow Financial Planners to take a more holistic approach to accessing income in retirement, without having to worry about sometimes artificial limits. Financial Planners will need to advise on the appropriate amount to draw from pensions without reference to a maximum rate.
3. What are the negative elements?
The two stage process of amending income drawdown seems a little unnecessary – would be better just to introduce the uncapped drawdown from April 2015. Financial Planners may also be worried about plans for free face-to-face guidance.
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4. Are there 2-3 specific budget changes that you will be following up with your clients?
Increase in the drawdown rates from 27 March 2014 is a key point, plus the reduction in the threshold for entering uncapped (flexible) drawdown. Ultimately, the move to uncapped drawdown for all from 6 April 2015 will be of interest to both pension savers and pensioners already in drawdown.
5. What did George Osborne miss? What should have been in that wasn't?
Removing the Lifetime Allowance at least for basic rate payers (Skandia's suggestion in the run up to the budget) would be a neat way of simplifying pensions for the majority, as providers could easily set out in literature parts that only apply to those who have paid higher rate tax.
6. Give the Chancellor your marks out of 10? 1=poor 10=outstanding
I give him 8