Specialist providers in the workplace can facilitate the pension freedoms.

17th June 2015

The most radical pensions overhaul in nearly a century is here and whilst the changes are a positive way forward for retirees, it seems many pension providers including occupational schemes are choosing to or are unable to offer the new flexibilities.

There have been recent reports ‘as many as five million savers will be unable to use their pensions like bank accounts after one of Britain’s biggest insurers cancelled plans to offer the Government’s new freedoms’ and also that providers are ‘refusing withdrawals for fear of being sued for negligence in years to come’.

Jonathan Watts-Lay, Director, WEALTH a work – “This is not surprising as I anticipated this might happen as providers are simply unable to facilitate the freedoms. There are no excuses as there are specialist providers out there who can offer this and give access to the pension freedoms for example, WEALTH at work will do this via the workplace.”

He adds, “Accessing your pension is only part of the story; a structured programme of financial education delivered in the workplace can help individuals understand all of their retirement income options. Then at the point of retirement, regulated advice should be
offered to all including tax planning. As a result of that advice, whether some form of income drawdown including cash drawdown, annuity or a combination of options is more suitable, WEALTH at work can provide that tailored solution via the workplace.”