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

Pension consolidation deserves more respect than it gets

Pension consolidation deserves more respect than it gets

'For me, pension consolidation is a perfect illustration of why financial planning matters'

Andy Zanelli
clock 19 February 2026 • 5 min read
Divorce, pensions and professional collaboration in the HNW world

Divorce, pensions and professional collaboration in the HNW world

'Beware the attraction of the simple solution'

Richard Kershaw
clock 16 February 2026 • 3 min read
A century of the state pension – and why the next redesign is overdue

A century of the state pension – and why the next redesign is overdue

'A pension promise only works if contributors believe it is fair and durable'

Adam Cole
clock 16 February 2026 • 4 min read