Gregg McClymont MP, Labour’s Shadow Pensions Minister, responding to reports of the Financial Services Consumer Panel research into the annuity market, said:

“With the current cost of living crisis, hard-pressed families who struggle to put money aside for the long term need to know we have a pensions system they can trust to provide good value for money. That’s why Labour sought to amend the current pensions bill to end the scandal of the annuities market rip off.

"Labour proposed that by law all savers coming to retirement should get advice from an independent annuity adviser to maximise their retirement income. But this out-of-touch Tory Government voted it down while offering no alternative.

"As a result, thousands of savers are getting ripped off every day and this Government does nothing.”