Which? response to claims that the Chancellor’s budget reforms to pensions and savings will encourage people to spend their retirement savings:
Which? executive director Richard Lloyd said:
“The Government is right to trust pensioners with their own money and put people in control of their own financial future. It’s wrong to assume that the changes to annuities mean people will simply spend their retirement savings overnight. At the moment millions of people are losing out on thousands of pounds of retirement income by being automatically defaulted into poor value products.
“The key to this is to arm people with the right information and for providers to give consumers high quality, impartial advice on their options across the whole of the market.”