Gregg McClymont MP, Labour’s Shadow Pensions Minister, responding to the Office of Fair Trading’s report into workplace pensions, said:

“People need to be able to trust their pensions are good value, Labour’s is prioritising dealing with this as an important part of tackling the cost of living crisis facing Britain under David Cameron.

“At last year’s Labour conference we called for an OFT investigation into rip off pensions and the OFT have now delivered their report.

“The Government must act on its recommendations. Labour has already tabled amendments to the Pensions Bill which would allow reforms of the market on costs and charges, governance and scale to make sure pensions are good value.

“David Cameron’s failure to act shows how out of touch he and his Government are and they must urgently rethink their rejection of those amendments.”