“Any pension providers or schemes which can’t or won’t deliver should let their customers leave so that they can benefit from the freedoms elsewhere.”
McPhail said over the past two months Hargreaves Lansdown has handled 67,000 phone calls from retiring investors.
Another issue emerging from the pension freedoms is the high cost of financial advice which some savers need to access their savings.
Phil Loney, chief executive of Royal London, said savers with medium-sized pension pots are finding it hard to find advisers offering advice at a reasonable cost.
“So we are calling on the Government and the FCA to give immediate priority to delivering an advice regime that is affordable for these customers and commercially viable for advisers,” Loney said.
