Changes to pensions won't help young people save

Increased pension freedoms are not only meant to give a boost to older voters who are more likely have suffered under measly interest rates and poor annuities, they are also expected to encourage saving.

The idea is that by providing more freedom around pensions in this year's Budget – by giving retirees access to the entire pot - and by bumping up the ISA limit to £15,000, not only will the government win over the grey vote but it will also encourage younger people to save more, especially into pensions.