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Three years of freedoms: 'we had 150 days to reinvent pensions'

'I remember sitting with one of my colleagues on the pensions side, who swore very loudly and said "this is going to change everything."'

That was the reaction of one of Richard Parkin's colleagues at Fidelity International as the former head of pensions watched George Osborne unveil the 2014 Budget.

From that moment it was clear the industry would not have long to prepare itself for the start date of the pension freedoms. Osborne gave the industry a year. Fidelity gave Parkin 150 days to reinvent pensions and bring drawdown to the mass market, amid technical difficulty, political backlash, and tabloid-fuelled consumer demand. 

In this exclusive video, we look at the way in which providers like Fidelity prepared to deliver the monumental reforms Osborne demanded in March 2014. 

Crucially, we also ask whether the industry's efforts were a success. Some don't think this is the case. 

 

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