The analogy one IFA is telling clients on pensions freedom

The analogy one IFA is telling clients

clock

With reports of some companies unable - or unwilling - to process retirees' pension withdrawal requests, the issue of provider readiness for the retirement reforms has come under the spotlight once again.

One problem already highlighted - by The Pensions Advisory Service's Michelle Cracknell among others - is how many of providers' historical pension offerings are ‘freedoms-ready' - that is capable of processing retirees' requests without first having to transfer to another pension or provider. While some retirees may find this extra hurdle an unnecessary irritation, and out of kilter with the apparent ‘freedoms' espoused by Chancellor George Osborne during the March 2014 Budget, one IFA has devised an analogy to help put clients in the picture. As Scott Gallacher, director of Leiceste...

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

Pension changes to impact more than half of advised clients

Pension changes to impact more than half of advised clients

Advisers’ biggest concern is not understanding the pension IHT rules

Sophia Panayi
clock 09 September 2026 • 2 min read
HMRC updates on information sharing for IHT on pensions

HMRC updates on information sharing for IHT on pensions

Second technical note

Alex Levy
clock 01 September 2026 • 2 min read
Pension first or last? What the numbers really tell us

Pension first or last? What the numbers really tell us

'Focusing solely on reducing the pension before death can increase lifetime tax'

Joshua Croft
clock 28 August 2026 • 4 min read