Torsten Bell's new pension changes spark warning - 'Savers should control their money'
Detailed summary
Pensions minister Torsten Bell's proposed new pension changes have sparked warnings from finance experts. Under Government proposals, millions of private sector workers who save…
Pensions minister Torsten Bell's proposed new pension changes have sparked warnings from finance experts. Under Government proposals, millions of private sector workers who save in a pension will be given an option to turn their retirement savings into an income.
Mr Bell on Tuesday (November 3) announced plans for a consultation on "guided retirement", which would require pension schemes to provide a default pension for savers nearing retirement.
The Government argues that the plans will bring back pensions which pay an income - often protected from inflation - for the entirety of a person's retirement and without the need to make complex financial decisions.
It comes amid concerns some people risk running down their pension savings too fast in retirement. The Department for Work and Pensions (DWP) said in 2025-26, about 46% of first-time dips into pension pots saw entire amounts fully…
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