Debbie Abrahams MP, Labour’s Shadow Secretary of State for Work and Pensions, commenting on today’s ONS figures on occupational pensions, said: 

“I am deeply concerned by our current workplace pension system; the public’s interest is not being protected by the existing regulatory framework. One of the weaknesses of the survey is that it does not report on pension outcomes; it is critical to measure these if we are to have any idea of the level in the decline of living standards for those retiring within a defined benefit scheme as well as those in a defined contribution scheme.

“Every day that goes by both pension scheme members and sponsoring employers are losing out through opaque fund management fees and high cumulative charges. Labour believe that all pension funds should be run with maximum efficiency to drive down costs and improve outcomes. We will put workers and savers at the heart of our pension system reforms, by improving the regulatory framework to increase transparency.”