Think-tank pressures Labour to reverse retirement freedoms

Fabian Society general secretary Andrew Harrop said the "revolutionary" policy unleashed by Chancellor George Osborne in March would leave retirements "permanently diminished". He raised concerns that defined contribution (DC) pensions would become mere savings vehicles, and that more products were needed to help people turn their pots into long-term incomes. Harrop said: "Before now politicians have always seen DC pensions as part of a strategic framework for retirement incomes, based on long-term policy objectives such as helping everyone to avoid poverty in retirement and replace a...