Phoenix Life backs down in advice before cash row

The pension group had said Fred Ford must provide proof he had consulted a financial adviser about his decision to withdraw all of his pension, which came with the benefit of a guaranteed annuity rate. Phoenix Life later backed down saying 'we apologise profusely for any confusion', according to website Thisismoney. Changes in April gave over-55s full powers over their retirement pots to save, spend or invest the money as they wish. The Financial Conduct Authority introduced ‘second line of defence' rules to ensure retirees set on encashing pension pots were made aware of the tax i...