Campaign urges govt to extend pension freedom to pre-2015 retirees

‘Your Pension, Your Choice’

Hannah Godfrey
clock • 2 min read

Campaigners are urging the government to revise pension freedom rules to extend the policy to people who retired before April 2015.

According to the ‘Your Pension, Your Choice' campaign, some five million pensioners who retired before April 2015 do not have the same pension freedoms as those who retired after the policy was introduced. Those who retired after the freedoms were able to purchase an annuity, invest in a drawdown account or cash out their entire pot.  However, people who retired before April 2015 were effectively ushered towards buying an annuity unless they met certain criteria. Since its introduction, savers have cashed in £9.2bn from their defined contribution pension pots. In the last parlia...

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

Pensions consultancy calls for 'fairer' Financial Ombudsman Service

Pensions consultancy calls for 'fairer' Financial Ombudsman Service

First Actuarial says pension redress sitting at ‘historic low’

Holly Roach
clock 04 April 2025 • 1 min read
FCA outlines thinking on using pension pots for house deposits

FCA outlines thinking on using pension pots for house deposits

FCA CEO Nikhil Rathi ponders radical thinking on pension savings

Jonathan Stapleton
clock 02 April 2025 • 3 min read
IFS: Growing DC market needs reform to help savers manage risks

IFS: Growing DC market needs reform to help savers manage risks

Savers facing ‘stark’ challenges managing DC pots in retirement

Martin Richmond
clock 02 April 2025 • 6 min read