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Eversheds comment: UK pensions freedoms working well but some issues remain

  • United Kingdom

    15-07-2015

    Commenting on news that UK pensions freedoms are proving very popular, Francois Barker, head of pensions at law firm Eversheds, says:

    “These statistics show that many savers have already taken advantage of the new pension freedoms and that, on the whole, things are working well. Credit should go to providers and trustees who only had a year to respond to these radical reforms, and had to respond extremely late in the day to Governmental afterthought in the form of the “second line of defence” requirements.

    "However, some issues remain, as the ABI highlighted in its recent letter to the Chancellor, in which it called for a joint taskforce between Government, regulators, providers and advisers to be set up. Key issues to be addressed include clarity over the circumstances in which advice is required and the availability of that advice. More work also needs to be done to raise public awareness of pension and investment scams.”

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