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Fraudsters targeting retirement pots through liberation or bogus transfers will take advantage of pensions freedom to target an even greater number of savers, Phoenix has warned.
A Labour peer has attacked the annuity market, claiming it "plays fast and loose" with the regulatory framework.
The regulator's ‘second line of defence' for retirees will be extended to cover trust-based pension scheme members as well those in contract-based arrangements, peers have heard.
The baby boom generation looks set to sleep walk into retirement as 40% have yet to begin saving into a pension, research shows.