Gregg McClymont, Labour’s Shadow Pensions Minister, responding to reports that pension fees should be made more transparent, said:

“The Government appears to have finally backed down under Labour pressure on transparency over costs and charges, but Ministers are only implementing half of Labour’s reform agenda.

“Ministers are failing to allow savers and employers to get the greatest benefit from the new workplace pensions and the Government’s headlong retreat on bringing in a pensions cap has left savers at real risk of rip-off charges. Only Labour is committed to ensuring that auto-enrolment benefits savers and to offering real reform to deliver pensions people can trust.

“With the current cost-of-living crisis, families struggling to save need to know that their pensions are giving them value for money. Yet the government is letting savers down. The damning Office of Fair Trading report into workplace pensions showed that people are being short-changed by this government when it comes to saving for retirement.”

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