Pension savers are being ripped off and confused in retirement, warns TUC

Commenting on today’s (Thursday) report on retirement outcomes by the Financial Conduct Authority, TUC Pension Officer Tim Sharp said:

“Working people need a pension system that treats them well and delivers a regular pay cheque in retirement.

“But this report reveals a retirement income market that often over-charges and confuses people. This is causing bewildered savers to shift their money into cash leaving them exposed to inflation.

“We welcome the regulator's desire to explore investment pathways. If implemented well these could help savers make good decisions when they finish work.

“But we need a clampdown on rip-off charges and the state-backed NEST freed to offer its members retirement products.”