Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • June 2015
06

More than a million queries from customers since pension freedoms launch

Open-access content Thursday 11th June 2015 — updated 5.13pm, Wednesday 29th April 2020

The pensions industry has witnessed “unprecedented” customer demand for the new freedoms and flexibility, according to the Association of British Insurers (ABI).

2

The ABI said in the period since the reforms were introduced on 6 April, financial service firms have dealt with more than a million phone queries from customers. This was 80% more than they would normally expect.

Yvonne Braun, director, long term savings policy at the ABI, said companies were "working around the clock" to deal with the huge demand from customers.

"The vast majority of customers have been able to access their pots," she said. "The biggest overhaul of pensions in a generation introduced in just a year was always going to be a challenge, and where issues occur, the industry is committed to working closely with the government and the FCA [Financial Conduct Authority] to resolve them."

Meanwhile, the Association of Consulting Actuaries (ACA) has urged the UK government for a pause in further pension tax reforms, and to establish an independent pension commission.

The ACA said industry was currently facing its "biggest challenges" following recent reforms and further stages of auto-enrolment by smaller firms. 

It said if the government followed its plan to further cut pension tax relief as outlined in the Conservative Party manifesto, this would be "hugely disruptive and undoubtedly would adversely affect pension saving by many lower and mid-level earners".

The ACA said an independent pension commission was needed to look at these issues and provide "balanced recommendations" to the government, including suggestions in changes to the retirement age and addressing issues such as a proper evaluation of "fair" pension charges.

David Fairs, chairman of the ACA, said: "While the ACA supports the freedom and choice agenda and believes it important that the public gets support in understanding the important choices that individuals are faced with at retirement, the government is in danger of tackling these issues on a disjointed and piecemeal basis. Too often pensions have suffered from unintended consequences."

He added: "An independent commission would help support joined up decision making and we hope the new pensions minister, Baroness Altmann and the new economic secretary Harriett Baldwin, might persuade their colleagues that such a step would improve the long-term success of these fundamental pension reforms."

This article appeared in our June 2015 issue of The Actuary .
Click here to view this issue

You may also be interested in...

2

Government urged to cap drawdown charges

Peers have criticised the government’s decision not to impose a cap on drawdown charges.
Wednesday 10th June 2015
Open-access content
2

Pension fund receives $100m settlement after HP lawsuit

A Dutch pension fund has received a $100m (£65m) settlement after filing a lawsuit against technology firm HP.
Wednesday 10th June 2015
Open-access content
2

Friends Life will not allow customers to take flexible drawdown

Pension provider Friends Life will not allow its customers to take partial withdrawals from their pensions.
Monday 8th June 2015
Open-access content
2

UK government will 'name and shame' firms who won't let customers access their pensions

The UK government will take action against pension providers who offer poor deals to savers who want to take advantage of pension freedoms.
Monday 15th June 2015
Open-access content
2

More than £1bn withdrawn from pension pots since freedoms began, says chancellor

Chancellor George Osborne has revealed more than £1bn has been transferred out of savers’ pension pots as a result of pension freedoms.
Wednesday 17th June 2015
Open-access content
2

British expats are 'in the dark' about pension flexibility

There is a “worryingly high number” of British people living abroad who do not understand the recent changes in UK pensions freedoms reform, which came into force last month, a survey has found.
Thursday 4th June 2015
Open-access content

Latest from Pensions

ers

By halves

Reducing the pensions gap between men and women is a work in progress – and there’s still a long way to go, with women retiring on 50% less than men, says Alexandra Miles
Thursday 2nd March 2023
Open-access content
rdth

Make My Money Matter's Tony Burdon on the practical power of sustainable pensions

Years working in international development showed Tony Burdon, head of Make My Money Matter, that sustainable pensions can harness trillions of pounds to build a better world – at a scale governments and charities can’t. He talks to Travis Elsum
Wednesday 1st March 2023
Open-access content
KV

Liability-driven investments: new landscape

What now for liability-driven investments, after last year’s crash in the market? Pensions experts Rakesh Girdharlal and Moiz Khan say it should lead to a more balanced approach
Wednesday 1st February 2023
Open-access content

Latest from June 2015

Drought © Shutterstock

Government 'must act now' to tackle climate change risk

The Committee on Climate Change (CCC) has urged the UK government to act now to reduce carbon emissions and tackle climate change.
Tuesday 30th June 2015
Open-access content

NEST's blueprint combines drawdown, lump sum and annuity

The National Employment Savings Trust (NEST) has created a retirement strategy blueprint that features a combination of an income drawdown, a cash lump sum and a later-life annuity.
Tuesday 30th June 2015
Open-access content
2

Life insurers report first increase in profits in nine months

Life insurers have reported their first increase in profits since September 2014 and confidence for firms continues to rise, said PwC.
Monday 29th June 2015
Open-access content

Latest from small_opening_image

2

COVID-19 forum for actuaries launched

A forum for actuaries has been launched to help the profession come together and learn how best to respond to the deadly coronavirus sweeping the world.
Wednesday 25th March 2020
Open-access content
2

Travel insurers expect record payouts this year

UK travel insurers expect to pay a record £275m to customers this year as coronavirus grounds flights across the world, the Association of British Insurers (ABI) has revealed.
Wednesday 25th March 2020
Open-access content
2

Grim economic forecasts made as countries lockdown

A sharp recession is imminent in the vast majority of developed and emerging economies as the deadly coronavirus forces businesses to shut down across the world.
Tuesday 24th March 2020
Open-access content

Latest from 06

Drought © Shutterstock

Government 'must act now' to tackle climate change risk

The Committee on Climate Change (CCC) has urged the UK government to act now to reduce carbon emissions and tackle climate change.
Tuesday 30th June 2015
Open-access content

NEST's blueprint combines drawdown, lump sum and annuity

The National Employment Savings Trust (NEST) has created a retirement strategy blueprint that features a combination of an income drawdown, a cash lump sum and a later-life annuity.
Tuesday 30th June 2015
Open-access content
2

Life insurers report first increase in profits in nine months

Life insurers have reported their first increase in profits since September 2014 and confidence for firms continues to rise, said PwC.
Monday 29th June 2015
Open-access content
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Actuarial Contract Opportunities - Life Insurance

United Kingdom, Ireland and Remote
Competitive
Reference
148599

Pricing Manager (Mid-Corp)

London (Central)
£75000.00 - £90000.00 per annum
Reference
148749

Head of Insurance Pricing Risk

London (Central)
£100000.00 - £130000.00 per annum
Reference
148748
See all jobs »
 
 
 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ