Labour backs 'radical' pension reforms but demands more detail

Labour has backed the Chancellor's move to radically overhaul the pension system, which will give retirees freedom to do what they want with their money at age 55.

However, the BBC reports shadow work and pensions secretary Rachel Reeves demanded greater detail on the plans - which were described as the biggest pensions shake-up in a hundred years. Pensions formed a large part of George Osborne's fifth Budget. The Chancellor said many current restrictions would first be relaxed and then scrapped to give savers more control. Anyone aged over 55 who has saved into a defined contribution pension scheme will be able to take their full pot as a lump sum, subject to tax, to invest or spend as they like, the report said. Reeves told BBC Radio 4's...