Thousands of British pensioners are facing the stark reality of ‘financial ruin’ just four weeks into the new Pensions Scheme Act, experts have warned.
Rushed decisions and poor advice is threatening the long-term financial security of pension savers, suddenly gifted the opportunity by the government to raid their pension pots.
Experts at Greyfriars Asset Management LLP, say pension enquires have soared by a staggering 50% since the new pension freedoms came into force.
Desperate savers have called the wealth management company, concerned that they may have made a rash decision in withdrawing cash from their pension savings.
The company has warned of emerging ‘horror stories’ from savers who have [been] swindled [out of] their life savings, or people facing the prospect of huge tax bills.