Gareth Shaw, Head of Money at Which?, said:
“Pension savers should think very carefully when making decisions about accessing their money if they are concerned about the impact of the economic uncertainty on their finances. While pension freedoms have offered greater flexibility, they have also led to increased risks such as scams and poor value products.
“People need much better support to ensure that the huge financial decisions they are making don’t result in their retirement funds draining away, especially as fraudsters are ready to pounce on people’s fears about the coronavirus outbreak.”
Notes to editors
Which? is a non-profit organisation working to make life simpler, fairer and safer for consumers. During the coronavirus crisis, Which? is making a range of news, advice and guides available for free for anyone who needs it at https://www.which.co.uk/news/coronavirus/