Gregg McClymont MP, Labour’s Shadow Pensions Minister, responding to reports that Government plans to cap charges on workplace pensions will be shelved for at least a year, said:

“Capping pension charges would help families in Britain who are facing a cost-of-living crisis. Labour called for a cap on pension charges last year, but regrettably the Government failed to act and now ministers seem to be in full scale retreat.

“The Government must explain why they are kicking ‘rip-off’ pension charges into the long grass. Is it chaos and disarray within government, or have ministers caved into the vested interests of the fund managers and pension giants who are accused of slicing and dicing the savings of hard-pressed British savers?”