freedom and choice

TPR chief exec on the challenges ahead

Administrators need to get to grips with GMP equalisation sooner rather than later

The danger of consumers falling into non-regulated financial advice is increasing and the government must act to increase protection for pensions freedom savers, the Personal Finance Society has said.

Two-thirds of defined contribution (DC) pension schemes are offering members the chance to access the freedom and choice reforms launched last month, according to research.

Most schemes are letting members take pots as cash but remain reluctant to offer other freedoms

The advantages of defined benefit (DB) pensions appear lost on some final salary savers who are frustrated by a government rule mandating they seek regulated advice before transferring out, research suggests.

More ex-spouses may seek financial orders to go after their former partner's pension as a result of the freedom and choice reforms introduced in April.

Only 1% of people have chosen to cash in their pensions completely since the freedom and choice reforms took effect last month, according to the country's biggest retirement adviser.

Almost a fifth of defined contribution (DC) pension schemes will offer flexible drawdown as a result of the freedom and choice reforms, according to research.

PP gets the industry opinion on Webb's five years as pensions minister