Financial Planner's Budget 2014 Panel: Ian Shipway, ex-IFP President and current Chair of The Investment Committee, Succession Advisory Services.

1. How do you rate this budget for Financial Planners?
I rate this highly as a budget for Financial Planners. In reducing some of the legislative restrictions and providing greater flexibility, particularly in the pensions arena, there will be an increased requirement for advice. Indeed mandating access to advice at the point of retirement should increase the opportunities for consumers to interface with professional planners.

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2. What are the positive elements for the FP community?
The increase in flexibility as to how the benefits from a pension scheme are taken provides perhaps the most intriguing planning opportunities. To some degree it seems that the boundaries between pension saving and investment into an ISA are blurring, which will provide significant opportunities for professional planners to manage income streams and tax liabilities most efficiently. The Treasury might also see a positive in an accelerated withdrawal from pension funds as this will lead to earlier realisation of the tax liability.
3. What are the negative elements?
Although the increase in flexibility is to be welcomed, it does come with dangers. At present pension savers are to some degree protected from making catastrophic decisions by a framework of rules that restrict access to capital tied up in a pension. In general the population does not have sufficient capital reserves, and if much of what they do have can be unlocked with ease there is a danger that some years ahead living standards might be compromised.
4. Are there 2-3 specific budget changes that you will be following up with your clients?
Planners are likely to follow up the change in ISA allowances with their clients at the earliest opportunity. The changes in pension withdrawal rules will result in a revisit of lifetime financial plans and will be followed up in the normal course of client reviews. For a specific section of the population it is likely that the new Pensioner Bonds will be brought into use once they are launched.
5. What did George Osborne miss? What should have been in that wasn't?
With ISAs being the undoubted success story of long term savings the Chancellor could have done more to encourage their use. For example one option would have been to allow for the transfer of the ISA allowance from Investment Bonds to ISAs without it representing a taxable event. This would allow investors to unwind some assets trapped in old and uncompetitive structures. Further incentives could have been introduced such as allowing trivial commutation from pensions to ISAs or placing the PCLS into an ISA as additional annual contributions.

6. Give the Chancellor your marks out of 10
On the whole a good budget. 8/10