By Maria Espadinha The chair of the influential work and pensions select committee has called for the creation of a minimum income requirement for people to be able to withdraw all of their retirement fund via pension freedoms, to prevent people claiming state benefits if they run out of money.
Such a move would essentially be a reversal of rules introduced two years ago which gave people total access to their nest eggs to do with as they want.
Frank Field said today (1 November) at a hearing in Westminster that he always supported the drawdown system introduced with pension freedoms […]
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