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

FCA launches consultation on adapting to a 'changing pensions market'

FCA launches consultation on adapting to a 'changing pensions market'

Outlines regime for digital pension planning tool

Holly Roach
clock 11 December 2025 • 3 min read
Lack of focus delaying pension transfers, Origo CEO warns

Lack of focus delaying pension transfers, Origo CEO warns

Advisers share months-long delays as PensionBee’s petition calls for ten-day transfer guarantee

Sahar Nazir
clock 11 December 2025 • 6 min read
Pension IHT: A minor win for executors, a missed opportunity for HMRC

Pension IHT: A minor win for executors, a missed opportunity for HMRC

'It's a great pity HMRC couldn't have been a bit braver and taken the sensible approach'

Rachel Vahey
clock 09 December 2025 • 3 min read