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July 12 2017

GMB: Mistrust of Pensions could Fuel Mass Poverty in Old Age

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Conservative legislation means those who don’t trust the system are pulling their money out early says GMB

GMB says new FCA figures showing a massive jump in people drawing out their pensions without even seeking advice could lead to mass poverty in old age.

The Financial Conduct Authority said 30% of consumers now go into drawdown without getting guidance.

The figure is up from just 5% before the new pension legislation was introduced by the Conservatives.

Also 52% are fully withdrawing their pots and people are withdrawing their money before they reach retirement.

Keir Greenaway, GMB National Officer for Pensions, said:

“These figures show more and more people don’t trust the pension system and are taking their money out early.

“The legacy of George Osborne and the Conservatives on UK pensions will be poverty in old age.

“Rather than trying to restore trust in pensions, the Conservatives manipulated the mistrust to enable a tax raid on the pensions of the working poor.

“This is money that should be supporting people in their old age not supplementing poverty wages of older workers.”

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