Havering Over 50s Forum concerned over Chancellor’s pension plan
- Credit: PA Wire/Press Association Images
An over 50s group leader has called changes to pensions outlined in Wednesday’s Budget “potentially disastrous”.
Havering Over 50s Forum chairman Cliff Reynolds fears giving pensioners access to lump sums could leave them out of pocket in later life.
Chancellor George Osbourne announced this week he was scrapping the necessity to buy an annuity to access pension funds.
This will give people the opportunity to withdraw a lump sum from their pension pot.
Cliff said: “The thing our members will be concerned about will be having the access to take out money without financial advice. You have saved your whole life and you could blow it all in an instant, and then we’re talking about real pensioner poverty.
You may also want to watch:
“I do believe some people will welcome it but if people do not have the right advice it could be disastrous.”
Romford MP Andrew Rosindell said: “It gives people freedom, people can take responsibility themselves and they could potentially be better off.
- 1 Demolition 'will now begin' to make way for 120 homes at former campus
- 2 Woman dies after falling from 'substantial height' in Romford
- 3 Hornchurch man to face trial accused of teeth whitening offence
- 4 Rainham flat ravaged by late night blaze
- 5 Signals at Hornchurch 'crash hotspot' now under review
- 6 Covid-19: How has Havering fared over the last four weeks?
- 7 Trust celebrating Hornchurch history opens new permanent heritage centre
- 8 Romford church to offer new debt support scheme
- 9 Campaigners ‘overjoyed’ and developer to 'consider its next steps' following Gallows Corner Tesco refusal
- 10 Romford school prepped for another 100 years as major renovation works end
“There might be some people that may not know what to do but we live in a free society.”
Labour’s parliamentary candidate for Romford, Sam Gould, said: “I think it could be a problem if you’re a pensioner – it’s just a way of buying pensioners’ votes.”
The Chancellor’s pre-election Budget also outlined a new help-to-buy ISA for people looking to get on the property ladder, a penny off beer and cider duty and the introduction of a personal savings allowance.