Commenting on today’s (Wednesday) review on retirement outcomes by on the Financial Conduct Authority, TUC General Secretary Frances O’Grady said:
“This is a damning verdict on so-called ‘pensions freedom’. Workers who are facing insecurity in their working lives now risk being plunged into insecurity in old age.
“Savers are increasingly dipping into their pots early. And others are following the path of least resistance and risk buying rip-off products.
“The government needs to learn from the successful roll-out of auto-enrolment. Ministers must ensure all savers are offered a decent option by default.”
The TUC is calling for the default option of well-researched, good value, properly governed income options at retirement.