Gregg McClymont MP, Labour’s Shadow Pensions Minister, responding to reports on Steve Webb’s comments on possible future changes to pensions, said:

“This Government is failing to act to help savers and reform the pensions market. They have repeatedly voted down Labour’s proposals made to help savers, when they were proposed as amendments as part of the Pensions Bill last year, including; full transparency on all pension costs and charges, more effective competition in the annuities market to tackle ‘rip off’ pensions and new rules to ensure pension providers have independent trustees with a legal duty to prioritise the interests of savers.

“Warm words from the Pensions Minister today are of no help to savers who need action from this Government to make the pensions system fairer. If he and his Government were really serious about reforming the pension system they would use their Pensions Bill to introduce reforms to help savers - anything else is just talk.

“Only Labour will act to help hard-pressed families facing the cost-of-living crisis who are struggling to put money aside for the long-term, and to make our pensions system fairer for savers.”