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

Could AI be the answer to making pensions intelligible for all?

Could AI be the answer to making pensions intelligible for all?

'Not about dumbing down'

Paul Muir
clock 16 October 2025 • 4 min read
Torsten Bell warns pensions industry to 'face up' to its problems

Torsten Bell warns pensions industry to 'face up' to its problems

Torsten Bell told delegates to ‘keep engaging’ with the pension commissioners

Holly Roach
clock 16 October 2025 • 2 min read
Ex-pensions minister Ros Altmann shares 12 potential Budget pension reforms

Ex-pensions minister Ros Altmann shares 12 potential Budget pension reforms

‘Chancellor should aim to change as little as possible in the near term’

Professional Adviser
clock 14 October 2025 • 5 min read