Which? uses cookies to improve our sites and by continuing you agree to our cookies policy.

Better pensions - Which? report

People who save into a pension during their working life deserve to get the most from their pension savings in retirement: it is right that consumers have the freedom to decide how and when they access their money

The pension reforms that came into effect in April 2015 were some of the most radical in decades. They enable savers to exercise freedom and choice about how they access their retirement income. However, they could also expose individuals to new risks. There are more options available to individuals when they retire but considerable uncertainty and anxiety surrounding retirement decisions is also likely to remain. As such it is vital that consumers are supported and protected when deciding how to access their pensions.

The Government’s Pension Wise service has a key role to play. However, it is important to recognise that, in a market characterised by relatively low levels of consumer engagement, some consumers will not take up the offer of free guidance. This means that safeguards are needed to ensure consumers are adequately protected from poor sales practices, poor value products, scams and wider causes of significant detriment.

This report outlines recommendations to help consumers make the most of the new pension freedoms and get maximum value from their pension savings.

See our full report:

Better Pensions - Which? Report 332 Kb