Gregg McClymont MP, Labour’s Shadow Pensions Minister, responding to the Association of British Insurers’ announcement of new rules to give savers a better deal on annuities, said:
“David Cameron is failing to stand up for the hardworking people suffering under his cost-of-living crisis. Millions of people who are working hard to save for their retirement face losing thousands of pounds because of David Cameron’s failure to fix the broken pensions market. An astonishing £1 billion a year is lost because people aren’t offered the best deal on annuities when they approach retirement.
“A Labour government will ensure independent brokers help people turn their hard-earned private pension pots into a secure retirement income, saving them thousands of pounds.”
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