🗳️ A message from Martin Lewis:

"It’s the biggest consumer decision most people will make this year – so, as always, we want to ensure you know what you’re buying… The general election will impact almost every area of consumer life, from economic strength, to benefits, consumer rights, health of the high street, work rights, rents, homebuying and more. Yet some of these areas get glossed over amongst the political fire that flies during a campaign.

"That’s why since 2010 we’ve run the MoneySavingExpert Leaders' Debate every general election. We ask the leaders of the main parties to get into the nitty gritty of the biggest personal finance and consumer questions you, me and the MSE team have. This isn’t about party politics – it’s about practical policy.

"So we want your suggested consumer finance questions. We can’t include them all, but we’ll try and include the most common, as well as looking for powerful individual stories – so we can help you cut through the noise."
This board is now closed to questions. Thank you to everyone who participated! Stay tuned to MSE to see how the leaders answer the questions that got selected.
We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Are Pension Freedoms Safe?

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After the introduction of Pension Freedoms in 2015, many people have benefitted from the ability to choose how to drawdown their DC pensions.
The Freedoms have enabled those who have to retire early through ill-health or redundancy to use their fund to support early retirement, rather than relying on the state. It has enabled those with very small DB pensions to supplement their incomes flexibly in retirement, and has allowed those caught in the interest only mortgage pit to use their fund to support loan payments, giving time to plan downsizing or moving to a different cheaper part of the country, without worry.
The FCA seems to believe that stronger guidance, or new rules for accessing DC pots should be implemented, possibly reverting to something like the earlier "Capped Drawdown" requirements for a minimum retirement income. This, or a requirement for full independent (hence expensive) advice, would inevitably prevent a significant proportion of retirees from taking full advantage of the freedoms as they are now.
What plans do the parties have to review or change this aspect of retirement provision?
10
10 votes

Leaders' Debate · Last Updated

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