What a pensions shambles! Revolution in crisis as savers are barred from taking out cash and charged £1,000 just for advice... and scandal could be worse than PPI
George Osborne’s pensions revolution in crisis as string of failings emerge
Firms refusing withdrawals for fear of being sued for negligence in future
Savers being forced to pay up to £1,000 for advice and others turned away
Delays of up to 90 days in paying out and sky-high charges for withdrawals
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George Osborne’s pensions revolution was in crisis last night with thousands of savers unable to spend their nest eggs as they want.
Just 65 days into the new regime, financial giants are under siege from furious customers.
The Chancellor had promised savers easy access to their cash. But today a Money Mail investigation can reveal a string of disastrous failings.
George Osborne’s pensions revolution is in crisis with financial giants under siege from furious customers after it emerged that savers are being forced to pay for advice, being turned away and facing pay-out delays
They include:
Firms refusing withdrawals for fear of being sued for negligence in years to come;
Savers being forced to pay up to £1,000 for financial advice if they want their money;
Customers turned away because they have only small pensions;
Delays of up to 90 days in paying out cash;
Sky-high charges for withdrawals or for switching to rival firms;
Insurers knocking thousands off the value of pensions customers want to access
See the full article here: http://www.dailymail.co.uk/news/article-3117474/What-pensions-shambles-Revolution-crisis-savers-barred-taking-cash-charged-1-000-just-advice-scandal-worse-PPI.html
Caveat Emptor!!
All The Best,