Debbie Abrahams MP,  Labour’s Shadow Work and Pensions Secretary, responding to a Citizen’s Advice survey finding that three in five people taking money out of their pension have no plans for costs of care, said:

“The Tory Government has failed to ensure workers understand the hidden costs of pension schemes, and have independent, good quality advice available to help them make informed decisions about their retirement needs which may include the cost of being cared for.

“There is a real risk their complacency will lead to our next pension crisis when people who have taken too much out of their pension pot, or have been subjected to multiple hidden charges, find themselves short of money and unable to afford the care they need in their retirement.”