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As research shows fraudsters targeting people under-55 and encouraging them to access their pension early is on the increase, Which? investigates some of the causes. City of London Police figures show that in the 12 months to February 2016, £13.2 million was lost to pensions liberation scams – an increase of 26% on the previous […]
Alex Neill, Which? Director of Policy and Campaigns, said: “It’s right that the FCA is bringing in this cap on pension exit fees. People shouldn’t be unfairly penalised for accessing their money. This announcement is a good first step and the regulator must now turn its attention to other charges people face when trying to […]
Which? executive director Richard Lloyd said: “The Financial Conduct Authority is right to review the retirement income market. Last year’s radical pension reforms and the complexity of financial decision making in retirement make it critical that the regulator does all it can to ensure this market works well for consumers. The FCA should address concerns […]
New research from Which? reveals that many of those approaching retirement are still in the dark about aspects of the new state pension. From next Wednesday, a new state pension system will take effect. The new system aims to simplify how much people will receive and when they are eligible to claim the state pension. […]
Richard Lloyd, executive director Which? said: “Following our calls for the Government to lead the introduction of a pensions and savings dashboard, we welcome the commitment shown in today’s Budget. We hope that the industry uses the next three years to ensure it is a well-tested, market-wide pensions and savings dashboard that will help all […]
Which? executive director, Richard Lloyd said: “Access to advice is fundamental to the success of the new pension freedoms, so it’s good to see the Committee recommending the Government moves quickly to improve Pension Wise so it provides the easily accessible, impartial and personalised guidance people need. Consumers should also have the full picture on their savings, so […]
Which? executive director, Richard Lloyd, said: “Which? research shows that six in 10 people are worried about the value of their pension, so it’s frustrating and disappointing the Government is delaying its plans for collective schemes. While the Government is right to focus on making the existing reforms work, these types of schemes could offer […]
Which? executive director, Richard Lloyd, said: “It’s vital that people can get the advice they need to help them make important financial decisions. But too many consumers don’t have anywhere to turn to for good quality advice at an affordable price. This review must ensure consumers have access to the right support and protection that […]
Which? executive director, Richard Lloyd, said: “If the pension reforms are to be a genuine success, the Government must take action to make sure everyone who wants to take advantage of the freedoms can. People should be able to switch without being stung by excessive exit fees if their provider doesn’t offer the full flexibilities. The Government should also consider what other reforms are needed to further protect savers, […]
Which? calls on the Government to go further to help everyone benefit from the pension reforms, as we reveal there are big differences in what providers charge. Nearly four months on from the pension reforms, we’ve looked at income drawdown products from 18 companies to find out exactly what it costs to take out your […]