Fears were raised last night that some retirees are splurging their pensions on alcohol and gambling binges before falling back on the state for help.
MPs were told that there is evidence that some people are exploiting new rules that allow the over-55s to cash in their entire pensions.
A written submission to the Commons Work and Pensions Committee claims that five individuals have exhausted their pots in a matter of months – and then claimed benefits. Five pensioners managed to spend their entire life’s savings within months of retiring, with one engineer blowing £120,000 on a car, gambling and drink […]
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