Chris Budd

I like cash.

Osborne did pensions freedoms.

Most ridiculous phrase you've ever heard in your life.

What was his name?

George Osborne.

George Osborne.

Pension freedoms.

I'm going to offer a personal political opinion here, which is I think he did that basically to raise lots of money, to lower taxes, to buy an election.

It was an awful thing to do.

Because it gave people the ability to spend their pensions.

To take all their pension money out in one go.

And the classic example was you can take all your money out of the pension and buy a Ferrari as one of the politicians.

Yeah, that's what people were doing.

But you're paid lots of tax.

So in terms of tax, it was an absolutely terrible thing to do.

Pensions are there to give security and longer life.

So they're not bad.

But I had one friend who was taking all of his money from a pension to buy a buy-to-let flat.

And when I pointed out to them at the time, he was taking money from outside his estate to inside his estate from inheritance tax.

And he was going to be paying 40% tax on 70% of the amount of money that he was going to get.