Pension freedoms and lessons from Down Under

How the UK can build a more 'robust and supportive' system

clock • 4 min read

Aberdeen's Verona Kenny reflects on key learnings for the UK from the Australian superannuation system.

Where has the last decade gone? Tempus Fugit! To me it feels like only yesterday but it was actually April 2015 that the UK government introduced pension freedoms, granting individuals aged 55 and over unprecedented access to their defined contribution pension pots. This reform allowed retirees to withdraw their savings as lump sums, purchase annuities, or opt for income drawdown, providing greater flexibility in managing retirement finances. A decade on, I thought it might be interesting, given my own antipodean heritage, to assess the outcomes of the freedoms and explore potential less...

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

Evolution of pension recommendations and how 2026 may influence change

Evolution of pension recommendations and how 2026 may influence change

Next year could be the start of something big

Richard Hulbert
clock 06 January 2026 • 4 min read
Preparing for 2029: Adapting to the Budget's salary sacrifice cap

Preparing for 2029: Adapting to the Budget's salary sacrifice cap

'While this policy alters the landscape, it arguably represents an adjustment rather than a fundamental reform'

Steve Charlton
clock 22 December 2025 • 3 min read
Utmost to sell life and pensions business to JAB Insurance

Utmost to sell life and pensions business to JAB Insurance

To focus on wealth solutions business

Jen Frost
clock 22 December 2025 • 2 min read