Gregg McClymont, Shadow Pensions Minister, responding to Steve Webb’s comments that tomorrow the Government will announce the introduction of a cap on pensions fees said: 

“Savers hit by the cost-of-living crisis have lost out because the Government has repeatedly delayed plans to introduce a cap on rip-off pension fees and charges. The Government promised to bring in a cap on fees and charges before but they broke their promise leaving many savers up to £750 worse off. 

“Ed Miliband called on the Government to cap pension fees and charges two years ago but ministers failed to act. It’s clear only a Labour government will cap pensions fees and charges and take the big decisions on reforming this market to ensure savers get value for money pensions.” 

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