Gregg McClymont MP, Labour’s Shadow Pensions Minister, commenting on the findings of the independent inquiry (Independent Project Board) into the £67.5 billion of UK pensions savings “at risk” from pension companies overcharging, said:

“This damning report confirms that some pension companies are treating their existing customers as a cash cow to be milked with rip-off charges. We now know that more than £13 billion of savers hard-earned cash is held in workplace pension schemes with charges so high that they are eating away around a third of employees’ pension pots.

“Today’s report also finds that £3.4 billion of workplace pension savings are held in schemes with exit charges of more than 10 per cent. These charges are a scandal and the Government must act now on this report to end these rip offs. It’s time for the Government to act to protect savers who do the right thing, work hard and save.”