Charlene Young: Some DC savers still fighting for pension freedom

Not all providers are willing to use the provision

clock • 3 min read

Charlene Young says some DC savers are still being denied full access to pension freedom - more than four years after its introduction - despite a handy statutory override being in place...

It has been over four years since George Osborne's famous budget speech announcing freedom and choice in the defined contribution (DC) pension world. However, some pension savers are still finding they cannot access the options that were intended to be available from 6 April 2015. To ensure DC scheme members could access the increased flexibility and new benefit options, the government included a permissive statutory override in the tax rules. For those of you who like your legislative references, head straight to section 273B of Finance Act 2004. For those who don't - the overr...

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

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
IHT on pensions: New thinking on taking income in retirement?

IHT on pensions: New thinking on taking income in retirement?

‘This has undoubtedly had a huge impact on planning for many clients’

Lisa Webster
clock 26 August 2026 • 3 min read