It’s only one line in the speech, but an important one:
“I am taking measures to prevent: ….payments of benefits in lieu of salary”
Whilst I don’t yet know for certain what this means, it may well be a partial response to the possibility that the over 55’s will use the new Freedom of Pension proposals as a means of avoiding paying national insurance through the well-oiled Salary Sacrifice mechanism.
If that is indeed what this is about, then I’m not particularly surprised that measures are being proposed here. What has been much more surprising is that government was in denial about this possibility as recently as last week. We shall see.
This – you can be sure – will be something I will be looking at (and commenting on) in more detail again later.