Silos are all very well for separating different types of grain, but the silo mentality and the complexity with which succeeding governments have treated savings has been an expensive failure.
It has cost the exchequer billions in pensions tax relief, most of which has gone to the better off, who in most cases would have saved anyway.
Conversely, the less well off, particularly if they have not used a financial adviser, have rarely saved as much as they could have, with the result that millions of people are still reaching retirement with inadequate savings.
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