Alltrust has announced a strategic partnership with retirement-as-a-service platform Freedom to embed regulated banking and payments infrastructure directly into its retirement offering.
The partnership will allow Alltrust members to manage and access their retirement income directly from within their pension, without needing to transfer funds to an external bank account in order to pay bills or access everyday spending.
Through a phased deployment programme, Alltrust will integrate Freedom’s technology into its pension framework, enabling members to draw, manage and spend their retirement income while keeping assets invested within the pension environment.
Bringing everyday banking functionality to pensions
Historically, retirees have often been required to move pension savings into retail bank accounts simply to access or spend their money. This can lead to large balances sitting in low-interest accounts, while removing funds from the tax-efficient and investment environment of the pension itself.
By embedding banking functionality directly within the retirement journey, the partnership aims to provide members with the convenience of everyday banking while preserving the structural benefits of pensions.
Members will ultimately be able to access retirement income through features such as debit card payments and integrated payment rails, powered by Visa’s global payment network.
Responding to structural change in the retirement market
The partnership reflects broader changes across the retirement landscape.
An estimated £330bn–£380bn of pension assets leave provider platforms each year as retirees transfer funds to bank accounts for everyday access. Once assets leave the pension system, providers lose engagement and long-term visibility while banks capture deposits, interchange revenue and behavioural data.
By embedding regulated banking capabilities within its pension structure, Alltrust is seeking to reduce this asset leakage while delivering a more seamless retirement experience for members.
A phased rollout
The deployment will follow a structured rollout, introducing core functionality first before expanding capabilities over time.
This approach ensures that the member experience evolves in line with governance requirements, operational readiness and regulatory oversight, while strengthening the underlying infrastructure supporting Alltrust’s pension proposition.
Supporting a modern retirement model
Freedom’s Retirement-as-a-Service platform provides the infrastructure that enables pension providers to deliver bank-like access to retirement savings while maintaining compliance with pension regulations.
The platform supports a modern retirement operating model built around five integrated capabilities:
- Spend Anywhere – secure debit access linked to pension funds
- Retire Anywhere – multi-currency support for internationally mobile retirees
- Pay Anywhere – integrated domestic and international payments
- See Everywhere – open finance visibility across financial institutions
- Tax Meter – real-time insight into tax bands and withdrawal impact
Together, these capabilities transform retirement from a series of withdrawal events into an actively managed financial phase.
A step forward for retirement access
The partnership represents an important milestone in the evolution of the retirement experience, combining the accessibility of modern banking with the long-term investment and tax advantages of the pension structure.
As the retirement market continues to evolve, Alltrust’s collaboration with Freedom aims to ensure members can access and use their retirement savings with greater simplicity, flexibility and efficiency while keeping their money working for longer.