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Coronavirus pension mistake could make you poorer for decades
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Pension savers have been warned that a hasty decision during lockdown could have a severe impact on their living standards for decades to come.
The Association of British Insurers (ABI) said over-55s could be tempted to use the pension freedoms to access their pensions without thinking through the longer term consequences of having less money in their pot to see them through their retirement.
Or they could fall prey to pension scammers out to steal their pensions. Recent ABI research highlighted that, even before the Covid-19 outbreak, if the average amount that was being withdrawn from pension pots continued, many people risked running out of money in their retirement, without any other sources of income.
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