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Miliband would cap pension charges

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Labour leader Ed Miliband has promised to enforce a strict 1% cap on pension charges as part of his plan to help people get a better deal.

The Guardian reports, Miliband told an open session at the party’s conference in Manchester that he would cap charges at 1% and force pension firms to make clear the true impact of charges on the eventual value of a pension.

He said on Saturday: “What’s been happening is while you were saving, the company which was supposed to be helping you, the company you trusted, has actually been taking thousands of pounds out in hidden fees and charges.

“If we win the next election, we will make sure that no pension company can take too much out of your pension. A strict cap on pension fees.”

He said the policy was one of the “first shots in the all-out attack I want to launch on the way the rules of our economy now appear to be stacked against you”.

Miliband first attacked “rip-off” pension charges in July, to the anger of the industry.

He claimed some pension scheme members are paying 4% to 5% in fees and charges, which could swallow up as much as £50,000 of every £100,000 they pay in over their lives.

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