On Air Now
In Conversation With Steve Allen 6am - 7am
24 October 2017, 09:29
MPs have been told how retirees are using their pensions to fund spending binges, but that's not the full picture.
Changes to pension rules made in 2015 allow people older than 55 to spend their pension savings as they wish, which has led to some binge spending on alcohol and gambling, ministers have heard.
But Gemma Godfrey, CEO of Moola, told Nick Ferrari that that's not always the case.
She told the story of a pensioner who had withdrawn the entirety of his £46,000 pot to purchase a shepherd's hut.
The man listed the property on Airbnb and was now seeing returns of £6,000 a year, rather than the £1,000 annuity he was offered.
Watch the clip at the top of this page.