Chancellor's legacy: Farewell George, it was an interesting ride

George Osborne replaced by Philip Hammond

clock • 3 min read

Andrew Pennie looks at the legacy of George Osborne's pension revolution but says we cannot let the market develop in its current form...

As we bid farewell to Chancellor George Osborne, one of his legacies will be the introduction of pensions freedom. A move that shook the very foundations of the pension and advice sectors. He effectively took the power away from life companies and other providers and put it squarely in the hands of individuals - some might say a somewhat brave move but a definite vote winner. It was brave because with this power comes consequences, and the consequences of people making poor decisions can have a massive impact on their retirement provision. Before the introduction of pension freedom, a...

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

Case study: The hidden risk of a single member SSAS without a professional trustee

Case study: The hidden risk of a single member SSAS without a professional trustee

The problem, the solution, lessons learned

Caitlin Southall
clock 30 March 2026 • 4 min read
Salary sacrifice protections overturned by House of Commons

Salary sacrifice protections overturned by House of Commons

Commons overturns Lords amendment to increase cap to £5,000 from initial £2,000 proposal

Holly Roach
clock 24 March 2026 • 1 min read
 Rachel Vahey: Advisers and clients still need clarity on NMPA increase

Rachel Vahey: Advisers and clients still need clarity on NMPA increase

'HMRC has had years to clear this up but has sat on its hands'

Rachel Vahey
clock 11 March 2026 • 4 min read