Pensions drawdown disaster

Pension providers will have to offer default drawdown options after many savers ended up in cash funds that generated no investment growth and leave them worse off.

933_MW_P21_Pensions

Some drawdown plans destroy savings

The regulator will now require pension providers to offer default options

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David Prosser
Business Columnist

David Prosser is a regular MoneyWeek columnist, writing on small business and entrepreneurship, as well as pensions and other forms of tax-efficient savings and investments. David has been a financial journalist for almost 30 years, specialising initially in personal finance, and then in broader business coverage. He has worked for national newspaper groups including The Financial Times, The Guardian and Observer, Express Newspapers and, most recently, The Independent, where he served for more than three years as business editor.