Commenting on the Budget proposals that will give pensioners with annuities the right to cash them in, UNISON General Secretary Dave Prentis said:
“Being able to cash in low-performing annuities might seem like a good idea now, but it’s a move fraught with risk for millions of pensioners.
“Retired people could fall victim to scamming by unscrupulous types keen to get their hands on pensioners’ hard-earned cash.
“There’s also a danger that pensioners will run out of money – leaving them with many years where their only income is state benefits.
“This vote-winning ploy from the Chancellor risks creating another mis-selling pensions disaster, just like the one in the late 1980s. It’s a populist proposal that is in danger of becoming a pensions nightmare for many.”