What are Pension Freedoms?

The phrase ‘pension freedoms’ is used to refer to sweeping changes to the way we can spend our pensions, made by the then Chancellor George Osborne in April 2015. These changes included scrapping the requirement for most people to buy a guaranteed income through an annuity, paving the way for new flexible pensions that allow people to spend their retirement savings how and when they wish.

Related terms
What are Employer Contributions
What is a Workplace Pension