Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Life Health > Annuities

Cameron attacks U.K. pension providers over withdrawal charges

By Robert Hutton

X
Your article was successfully shared with the contacts you provided.

(Bloomberg) — David Cameron said he’s concerned about reports that British pension companies are charging customers who wish to draw money out of their funds.

The prime minister’s government announced in 2014 that savers would be able to withdraw money from pension funds without a penalty to help them avoid being forced to buy low- yielding annuities.

The Daily Telegraph newspaper reported Saturday that pension providers are constraining savers’ flexibility by imposing fees and restrictions on people drawing on their funds.

“We need to look carefully at what’s happening,” Cameron told reporters at the Group of Seven summit at Schloss Elmau, Germany. 

“The aim of the reforms is to give people more control of their money, not to have a new way of charging people. We need greater transparency in our pensions industry.”

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.