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

'Moderate' retirement living standards out of reach for majority as savers face 'cliff-edge'

'Moderate' retirement living standards out of reach for majority as savers face 'cliff-edge'

Costs of minimum, moderate and comfortable retirement lifestyles have all risen

Holly Roach
clock 03 June 2026 • 4 min read
Salary sacrifice changes to see 2.8 million cut back pension saving

Salary sacrifice changes to see 2.8 million cut back pension saving

According to Freedom of Information request to HMRC

Sophia Panayi
clock 01 June 2026 • 2 min read
Beyond the numbers: Understanding clients' emotional journey into retirement

Beyond the numbers: Understanding clients' emotional journey into retirement

'Supporting clients through the transition into retirement requires far more than technical financial expertise alone'

Catherine Foot
clock 29 May 2026 • 5 min read