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Govt must act now on ‘rip-off’ pension charges – Labour

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24/07/2012
Actions not words are needed to end the “rip-offs” in private pensions, Labour’s shadow pensions minister has said.
Govt must act now on ‘rip-off’ pension charges – Labour

Gregg McClymont urged the coalition to move on its plans to deal with unfair high pension charges sooner rather than later.

Yesterday, pensions minster Steve Webb said the government was prepared to act to cap charges on pension saving and urged providers to rewrite unfair terms and conditions which have trapped people in old-style schemes with high annual charges.

Webb’s announcement followed a report from the RSA highlighting the ‘extraordinary’ breadth of hidden charges on pensions. Labour leader Ed Miliband also made a speech on the issue.

McClymont (pictured) said ministers’ minds were now focussed on the issue.

He added: “Now they should stop talking and start acting. In the ongoing industry negotiations over a code of conduct on charges, ministers have got to back those calling for full disclosure.

“Labour has already set out what ministers should do in ‘Pensions People Can Trust’ – the government must require full transparency of costs and charges for all pensions.”

He added the proposed industry code of conduct for pension scheme charging must be binding on all providers and cover all costs and charges.

Labour said the code of conduct, put forward by the National Association of Pension Funds (NAPF), must also be signed off by an independent auditor.

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