Alltrust embeds banking infrastructure at retirement in strategic response to shifting competitive landscape

Alltrust, the specialist UK SIPP and SSAS provider serving over 11,000 members and approximately £2.9bn under administration, has selected Freedom, the retirement-as-a-service platform, to embed regulated banking and payments infrastructure directly into its retirement journey through a phased deployment programme.

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Rather than being forced to move pension savings into a separate bank account just to pay bills or withdraw cash, Freedom’s tech will enable members to manage retirement income directly from within their pension, maintaining tax efficiency and investment growth potential throughout their retirement.

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The move reflects a broader structural shift in the retirement market. As retail banks expand targeted support models and position themselves to capture retirement income flows, pension providers face increasing competitive pressure at the point of decumulation, the stage where members begin accessing
and spending their pension savings.

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At retirement, an estimated £330bn to £380bn a year 1 in pension assets leave provider platforms as members transfer funds into retail bank accounts for everyday access. Once assets leave the pension, providers lose engagement and long-term visibility, while banks capture deposits, interchange and behavioural data. Alltrust’s partnership with Freedom is designed to address this challenge directly.

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Through a structured rollout, Alltrust will embed regulated banking and payments capability within its pension framework, enabling members to access, draw and spend retirement income without being forced to move assets into external bank accounts.

The phased deployment will introduce core capabilities first, followed by broader functionality aligned to governance, operational readiness and regulatory oversight. This approach ensures a seamless member experience while strengthening long-term infrastructure within the pension environment.

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Freedom has partnered with Visa, a world leader in digital payments, to help deliver its retirement-as-a-service platform. Visa’s payment network will power everyday spending in retirement through debit cards issued to users, enabling secure transactions domestically and internationally.
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‍James Floyd, Managing Director of Alltrust, said:
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“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.
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“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, said:
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“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.
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“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.”

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Olga Ovchinnikova, Vice President, Business Development at Visa UK & Ireland, said:

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“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.”

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Freedom is in advanced commercial discussions with a number of major UK pension providers. Revenue is expected to commence in Q1, with further platform capabilities rolling out through 2026.

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Freedom’s model aligns closely with UK regulatory priorities, including Investment Pathways, Consumer Duty and ongoing decumulation reform. By embedding infrastructure within the pension structure itself, providers can offer modern access while maintaining oversight and compliance.

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¹ _{DWP, Autumn Statement, 2024. HMT, Public Expenditure Statistical Analyses, 2024. FSPS, Funded occupational pension schemes in the UK, 2025. FCA, Retirement income market data, 2025.}