Gregg McClymont MP, Labour’s Shadow Pensions Minister, following the Government’s announcement today that it is delaying the introduction of a cap on pension charges, said:

“Today’s announcement by ministers of a delay in the introduction of a cap on pension charges will leave savers worse off. Capping pension charges would help families in Britain who are facing a cost-of-living crisis.

“Ed Miliband called for a cap on pension charges more than 18 months ago, and the Government subsequently promised to introduce one.

“The Government’s decision to delay the introduction of a cap on pension charges is another example of its failure to stand up for interests of savers.”