Gregg McClymont MP, Labour’s Shadow Pensions Minister, responding to the Financial Conduct Authority’s report on the annuities market, said:

“I welcome the FCA’s decision to take up the cause of savers who, having done the right thing and built up a pension pot, are getting ripped off at retirement by a broken annuities market.

“The figures which the FCA have released today are stark and finally set out the scale of the problem for savers. David Cameron’s government have ignored this problem for far too long, refusing to fix the broken annuities market and rejecting Labour’s changes to the Pension Bill which would have helped hard-pressed savers facing a cost-of-living crisis get a better deal. Later this month the Pensions Bill is back in the Lords and Labour will again demand the government accept our amendments and take action to help savers.

“A Labour government would require pension companies to refer savers to an independent broker. This would ensure they get value for money when they turn their hard-earned savings into retirement income.”

ENDS