A new report published by WealthOS takes stock of one of the most significant policy shifts in modern UK retirement planning, examining the impact of the Pension Schemes Act 2015 a decade after its introduction.
The legislation marked a dramatic break from the past, giving savers unprecedented flexibility to access their pension pots from age 55 and dismantling an annuity-centric system that had long defined retirement income. At the time, the reforms were heralded as empowering and consumer-friendly, but they also injected a level of complexity that the industry was not fully prepared to manage.
Ten years later, the WealthTech firm’s report, which can be found here, asks whether Pension Freedoms have truly delivered on their promise.
To explore how the industry has adapted, WealthOS gathered insights from senior figures across the pensions and financial services ecosystem, spanning industry bodies, consultancies, digital investment platforms and established providers. Collectively, their perspectives paint a picture of a sector at a critical juncture. Pension Freedoms have accelerated innovation and choice, but they have also contributed to unintended consequences, including heightened vulnerability to scams, fragmented customer journeys and an operational burden driven by ever-expanding regulatory requirements.
This series brings together those expert perspectives in five concise articles, each examining a defining challenge or opportunity that has emerged in the decade since Pension Freedoms were introduced.
The opening article looks at the unintended legacy of the reforms, exploring how greater flexibility encouraged short-term decision-making, increased exposure to pension scams and left many savers struggling to navigate an increasingly complex set of choices.
The second piece focuses on complexity itself, asking whether artificial intelligence can help close the guidance gap created by the reforms. It examines how AI could move beyond cautious back-office use to power consumer-facing tools, from interactive digital assistants to more dynamic retirement modelling.
Article three turns to technology, outlining why pension platforms designed for the post-Freedoms era need to be modular rather than monolithic. It reflects a growing industry consensus around flexible architecture, standardised data and better integrations to fix long-standing transfer issues and enable more joined-up retirement planning.
The fourth article addresses the regulatory burden that has followed the reforms, analysing how many providers now devote as much as 50%–70% of their budgets to compliance. It considers whether outsourcing heavily regulated, commoditised administration to specialist partners could offer a path off the regulatory treadmill.
The final article provides a practical lens, setting out a 10-point checklist to help organisations assess whether their operations, technology and governance are genuinely fit for the post-Freedoms landscape.
Aimed at senior decision-makers across pensions and WealthTech, from product leaders and CTOs to COOs and CEOs, the series offers practical insights to help organisations navigate the second decade of Pension Freedoms.
For more insights, read the report here.
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