Pension freedom: The seven deadly sins

Are your clients aware of the issues?

clock • 4 min read

As pension freedom approaches its first birthday Mike Morrison assesses seven potential sticking points stemming from the ground-breaking reforms

The impending one-year anniversary of pension freedom is an opportune moment to take a step back and look at some of the behaviour they have resulted in. The freedoms were undoubtedly a progressive development - giving people choice and control over how they access their retirement savings. However, with any changes there can be tempting circumstances that the unscrupulous might seek to benefit from, or where the wrong decision can lead to a poor outcome for the people involved.   1. Not nominating your beneficiaries No excuse for this one because it is easy to avoid but it is...

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

AJ Bell warns Budget could 'exacerbate' 76% pension lump sum withdrawal rate

AJ Bell warns Budget could 'exacerbate' 76% pension lump sum withdrawal rate

AJ Bell has called on chancellor John Healey to commit to a pension tax lock

clock 06 October 2026 • 2 min read
Rachel Vahey: Pension savers need stability, not another panic-fuelled tax raid

Rachel Vahey: Pension savers need stability, not another panic-fuelled tax raid

'Real-world consequences of allowing pension tax speculation to run unchecked'

Rachel Vahey
clock 05 October 2026 • 3 min read
Triple lock played 'important role' but it would 'always need to end'

Triple lock played 'important role' but it would 'always need to end'

Pensions industry reacts to triple lock change

Holly Roach
clock 30 September 2026 • 4 min read