Gregg McClymont, Labour’s Shadow Minister for Pensions, in response to the Government’s announcement on pension charges, said:

“Once again Labour has led the way on dealing with the current cost-of-living crisis. When over a year ago Ed Miliband called for action on pensions rip-offs the Government dismissed this as scaremongering. Now minsters have finally been forced to act.

"Squeezed families who struggle to save need to know that pensions are value for money. Consumer groups and the damning OFT report into workplace pensions are absolutely clear - British savings are being sliced and diced to line the pockets of fund managers and insurance giants.

"We will have to look at the detail of this proposal to see if it goes far enough. It is clear this Government is not ready to take the decisive action needed to stand up for ordinary savers given that they have just voted against our amendment to the pensions bill that would have made all pension costs and charges transparent.”

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