A Sipp provider's director has welcomed the Budget, saying it "finally gives people ownership of their pensions".
John Fox, director of Sipp provider, Liberty SIPP, said: "The changes announced today represent the beginning of the end of pension prohibition.
"These proposals finally give people ownership of their pensions.
"One of the biggest problems of all pension regimes to date is that people have felt that the moment they invest money, it stops being their money. It feels like they're giving it away.
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"These changes remove that major psychological hurdle in one fell swoop and I'd expect it to encourage more people to start saving for their futures. It's empowering pension savers rather than patronising them.
"You could argue that what's been unveiled today is a legalised form of pension liberation, which benefits the saver and generates a healthy lump of tax for the Exchequer."