Great news! From 6th April, consumers aren’t going to be nannied into more-or-less compulsory annuitisation any more! They’ll be completely free to do whatever they like with their pension pots, at any time after they reach the age of 55! A whole new world of choice and opportunity is opening up to them!
Terrible news! From 6th April, the lifelong financial protection offered to consumers by more-or-less compulsory annuitisation will be removed! Consumers will be left bobbing about like corks on stormy seas, at the mercy of their own irresponsible impulses and more and more scammers with too-good-to-be-true propositions! A whole new world of confusion, misery and later-life poverty is opening up to them!
Both these glosses on the Pensions Freedom story are entirely justifiable. Indeed, both kinds of outcome will be experienced by different consumer segments.
Which is the more generally accurate way to tell the story? I don’t know. But over the year since the changes were first announced, the industry has been so emphatic that it’s the first version, I’d say it’s very likely that it must be the second.