Is the most significant pension event this year the separation of TATA Steel from the British Steel Pension Fund? It has without a doubt led to much confusion, frustration and speculation.
Although significant it was not the main event in the pension world. Rather, it acted as a catalyst for those who oppose pension freedoms’ to raise their voices to near hysterical levels.
Increasingly we hear that individuals should not be given access to their own funds, and currently transfers from final salary pension schemes are the next big scandal, clients do not understand what they are doing and those giving advice are sharks, vultures, robbers etc…….. take your pick.
Those opposing freedoms have become increasingly vocal whilst those actively advising in this area have been quiet. Preferring not to put their heads over the parapet?
We do not know what the future will bring, we do know that the once “gold standard” of the pension world is now a legacy product and more individuals are taking control of their financial futures. With this comes responsibility. However, with good advice from properly qualified and regulated firms, clients should be well positioned to navigate the pitfalls and secure their futures.