Friends Life U-turn on pension freedom offering
Insurance giant, Friends Life, has apologised after U-turning on its decision to offer new pension flexibilities to thousands of UK customers. Friends Life had initially planned to offer full pension freedom under new rules introduced in April. However, the company, which is now owned by Aviva, is in the process of writing to around 1,300 pension holders to tell them they will no longer be able to withdraw some of their pension savings in cash, a BBC report said today. Please link to International Adviser to read the full article by Katherine Denham.