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

CRM integration project highlights AI-powered innovation potential

CRM integration project highlights AI-powered innovation potential

Project reflects a broader shift in adviser technology

Joe Power
clock 04 August 2026 • 3 min read
Pensions minister Torsten Bell: 'Together, we are going to finish the job'

Pensions minister Torsten Bell: 'Together, we are going to finish the job'

Bell was reappointed to the pensions minister role in the government reshuffle

Holly Roach
clock 27 July 2026 • 1 min read
Pension adequacy – are we focusing on the wrong measure of success?

Pension adequacy – are we focusing on the wrong measure of success?

'The current system can unintentionally create a false sense of reassurance'

Caitlin Southall
clock 24 July 2026 • 4 min read