The image of silver haired Lamborghini drivers accompanied much of the press coverage of the pension freedoms. So, almost six months since greater flexibility was given to the over 55’s, has it all been frittered away?
The numbers look vast: £27 million a day has been withdrawn on average since April, with insurers paying out a total of £2.5 billion. But that’s not the whole story.
It’s not a level playing field. While the over 55’s are accessing small insured pension plans, many with employer-sponsored schemes aren’t enjoying the same freedoms. Shouldn't everyone have the same level of choice?
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Image courtesy of: Alexander Nie