Freedoms probed

CONCERNS that savers could be at risk of scams as people take up the new pension freedoms are being probed by MPs.

The Work and Pensions Committee is inquiring into whether, and how far, the reforms are achieving their objectives and if changes are needed. It wants to know if enough is being done to prevent scams and mis-selling.

Launched in 2015, the freedoms give the over55s a much wider range of choices over how they use their retirement savings.

But police figures show more than £43m of these savings have been lost to fraud.