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Minister refuses to apologise for “betrayal” of pensioners – Greg Mulholland

by Steve Beasant on 20 October, 2016

August 2015, blank

Liberal Democrat MP Greg Mulholland has called a sudden U-turn by the Government on plans to allow pensioners to cash in their annuity a ‘betrayal’ of tens of thousands of people who were relying on the changes.

In response to an Urgent Question in the House of Commons by Mr Mulholland, Treasury Minister Simon Kirby repeatedly refused to apologise to pensioners who had anticipated these new freedoms, or to commit to any assurance that pensioners would be informed of the change to Government policy.

The freedoms were originally proposed by former Liberal Democrat Pensions Minister Steve Webb, and were included in the 2014 Budget and the Conservative Election Manifesto, which said “we will give you the freedom to use your pension savings as you want”.

Commenting, Greg Mulholland said:

“Tens of thousands of current pensioners are locked into poor value annuities.

“They have been betrayed by a Government that has decided not to trust people with their own money.

“Despite repeatedly being asked, the Minister failed to clarify whether those affected will be informed that they will no longer be able to cash in their annuity and get a better deal.

“He also failed to offer any apology to those pensioners who will continue to be locked into poor deals because of the decision he has taken.

“This is yet another sign of a Government with no economic plan, no faith in the public and no willingness to take responsibility for its actions.”

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