Sipp and SSAS provider Alltrust has partnered with Freedom, a newly launched retirement-as-a-service platform headed by former Barnett Waddingham partner Damian Stancombe, to integrate banking and payment capabilities into its retirement platform.
The Freedom proposition allows consumers to make cash withdrawals directly from their pension account through Visa digital payments. This approach means users can maximise the amount of their pot that remains invested within a tax-efficient wrapper while avoiding low-interest cash balances on funds withdrawn and placed in traditional bank accounts.
Alltrust says the move reflects a shift in the competitive landscape, as pension providers adapt to increasing pressures from retail banks targeting retirement income. Alltrust says its rollout of the service aims to strengthen member engagement, reduce asset leakage, and modernise the retirement experience, aligning with UK regulatory priorities.
Freedom’s technology enables payments, transfers and withdrawals directly from a pension account an it supports provider-branded debit cards for everyday spending. It also gives providers real-time visibility and behavioural data on how retirees use their savings.
The deal signals a potential trend that could also encompass workplace pension providers. In Corporate Adviser’s December 2025 Retirement Report, two providers – Mercer and NatWest Cushon – said they have firm plans to introduce contactless/ debit-card withdrawals from pensions. Nest, The People’s Pension, L&G, Aviva, Scottish Widows and Fidelity all say the idea is under consideration.
James Floyd, managing director of Alltrust, says: “The competitive landscape at retirement is changing. Members expect the same simplicity and flexibility they experience in everyday banking, yet pension providers have historically lacked the infrastructure to deliver it within their product. Retirement doesn’t stop financial life. People need their pensions to work as part of everyday finance, not as something separate that requires constant transfers and manual management.
“This partnership allows us to modernise our SIPP proposition through a structured rollout that strengthens member access while preserving the regulatory and long-term advantages of the pension environment. This means continued investment growth, tax efficiency and FSCS protection, combined with the convenience of paying directly from their pension using a debit card or instant payment. Retirement should not mean assets automatically leaving the pension ecosystem.”
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Damian Stancombe, CEO of Freedom, says: “Banks are moving upstream into retirement through targeted support and embedded banking propositions. Pension providers must respond by moving downstream into access, liquidity and income.
“This phased rollout with Alltrust represents a strategic step toward embedding regulated banking and payments infrastructure directly within the pension environment, reducing asset leakage, strengthening retention and delivering modern retirement functionality without compromising governance.”
Olga Ovchinnikova, vice president, business development at Visa UK & Ireland, says: “As people live longer and retirement becomes more flexible, expectations around access and usability continue to rise. Visa is proud to work with Freedom to help bring simple, secure digital payments to the retirement experience.”