The Government has announced new applicants will have to use a bank account, or a special scheme called the HMG Payment Exception Service if they can’t open one, to get their money.
In recent weeks, Steve Webb and This is Money have uncovered a Government blunder which has led to numerous women missing out on thousands of pounds in state pension.
Experts fear many savers could resort to dipping into their pension pots early. But doing so could mean they will only be allowed to put £4,000 a year back into a pension without leading to a tax bill.
It’s a bitter irony that the women contacting us about this are 70 and above, the age group most tragically afflicted and threatened by the coronovirus.
RAF veteran Alan Fowler, 72, (pictured with his wife Lynda) has an annuity from Legal & General paying a pittance but it refused his pleas for a lump sum.
