Defining Broken Transfers: How pension freedoms were rushed into place

First article in our summer series

Hannah Godfrey
clock • 12 min read

"Let me be clear - no one will have to buy an annuity," are the famous words quipped by the former Chancellor of the Exchequer George Osborne as he outlined his plans for pension freedoms in that famed 2014 Budget speech.

"Let me be clear - no one will have to buy an annuity," are the famous words quipped by the former Chancellor of the Exchequer George Osborne as he outlined his plans for pension freedoms in that famed 2014 Budget speech. And, alongside that now-famous quote came several others deserving of note. These, however, are much less memorable. "Everyone who retires on these defined contribution (DC) pensions will be offered free, impartial, face-to-face advice," Osborne declared. Could it be the then-chancellor meant guidance, rather than advice? In front of the House of Commons that day Osborne...

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