Are ordinary older people being let down by pension freedoms?


This 809-word blog post considers new research from the charity Age UK which suggests ordinary older people have been let down by the pensions sector following the introduction of pension freedoms, with a series of recommendations made to improve the situation. Written on 30th June 2019.

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Article preview: The introduction of ‘pension freedoms’ in April 2015 gave people across the UK full access to pension pots, without previous restrictions. But the low take up of advice or guidance following the introduction of this new pension legislation could be failing to meet the expectations or needs of consumers. That’s according to new research, which also suggests many ordinary older people are making risky decisions with their pension wealth; decisions they may regret in the future. The research forms part of a new paper commissioned by Age UK. It was written by independent consumer consultant Dominic Lindly, who looks at how retirement income products, customer support, and industry thinking has developed since the onset of pension freedoms.