Altmann 'disappointed' over pension providers' freedoms u-turn

Pensions Minister Ros Altmann has expressed her "disappointment" with pension companies failing to offer the new freedom and choice flexibilities following an announcement made by Friends Life yesterday.

Friends Life has confirmed it will not be offering its customers the option to withdraw cash from their pension pots, as was initially planned. It has since written letters to customers, announcing they will be taking a u-turn on their decision.

According to the Telegraph, Altmann said the failure to offer the new freedoms is a “disappointing” case of “failing to move with the times”

Altmann said in a statement it is disappointing that one of the biggest pension companies had come to the decision to cancel its plans and to block customers from accessing money from their pension pots as and when they like over the age of 55.

"I find it disappointing that even the larger pension companies are not allowing their customers to take advantage of the new freedoms that the Government has introduced for them,” the minister said.

"The [pensions] industry has had over a year to prepare for the changes – and it is encouraging that some firms have risen to the challenge. But others seem to be failing to move with the times and are still acting as if nothing has changed."

    Share Story:

Recent Stories

Are current roads into retirement delivering member value?
Laura Blows explores HSBC Master Trust’s recent report, Converting pension pots into incomes, with HSBC Retirement Services CEO, Alison Hatcher.

Savings and finance at retirement
Laura Blows is joined by Claire Felgate, Head of Global Consultant Relations, UK, at BlackRock, to discuss savings and finance at retirement. Please click here for an edited write-up of the video

Making pension engagement enjoyable through technology
Laura Blows speaks to Nick Hall, business development director and Chartered Financial Planner at UK-based Wealth Wizards about the opportunities that technology provides for increasing people’s engagement with pensions and increasing their retirement wealth. Please click here for an edited write-up of the video

Pension portfolios – the role of asset-backed securities
Laura Blows is joined by Royal London Asset Management (RLAM) head of sterling credit research, Martin Foden, and its Senior Fund Manager, Shalin Shah to discuss the role of asset-backed securities (ABS) within pension fund portfolios
Incorporating ESG into fixed income
Laura Blows is joined by TCW head of fixed income ESG, Jamie Franco, to discuss incorporating environmental, social and governance (ESG) strategies into fixed income portfolios