Pension freedom: The seven deadly sins

Are your clients aware of the issues?

clock • 4 min read

As pension freedom approaches its first birthday Mike Morrison assesses seven potential sticking points stemming from the ground-breaking reforms

The impending one-year anniversary of pension freedom is an opportune moment to take a step back and look at some of the behaviour they have resulted in. The freedoms were undoubtedly a progressive development - giving people choice and control over how they access their retirement savings. However, with any changes there can be tempting circumstances that the unscrupulous might seek to benefit from, or where the wrong decision can lead to a poor outcome for the people involved.   1. Not nominating your beneficiaries No excuse for this one because it is easy to avoid but it is...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Crucial advice issue: Death benefits detail advisers need to know

Crucial advice issue: Death benefits detail advisers need to know

Important differences from previous regime

Andrew Tully
clock 05 April 2024 • 4 min read
British Steel a stark reminder of obligations around client files

British Steel a stark reminder of obligations around client files

Lawyer Philippa Hann reflects on her work around the pensions case

Hope Coumbe
clock 27 March 2024 • 2 min read
SSAS and the general levy: A victory for common sense

SSAS and the general levy: A victory for common sense

The value of SSASs after general levy consultation outcome

Caitlin Southall
clock 26 March 2024 • 5 min read