Gregg McClymont MP, Labour’s Shadow Pensions Minister, commenting on a cap on pension charges, said:

“Savers hit by the cost-of-living crisis have lost out because the Government has repeatedly delayed plans to introduce a cap on rip-off pension fees and charges. Today the Government has finally admitted that a charge cap is needed but Ministers must have the courage of Labour’s convictions and introduce a cap now as they promised. The Government’s delay will leave many savers up to £750 worse off.

“David Cameron’s broken promises on capping pension fees and charges give us little confidence that a cap will ever be introduced by his Government.

“Ed Miliband called on the Government to cap pension fees and charges 18 months ago but Ministers failed to act. It’s clear only a Labour government will cap pensions fees and charges and ensure savers are protected from rip-offs.”

Timeline:

30th October 2013 - David Cameron promised to introduce a cap on pension fees / pensions Minister announces he would lead a ‘full-frontal assault on rip-off charges’.

23rd January 2014 - Pensions Minister announces the government was delaying the introduction of the cap on excessive pension fees from April 2014 to April 2015.

13th February 2014 - media reports suggested the government is, 'considering abandoning plans to cap pension charges until after the May 2015 general election because the reform is “too complicated”’.

18th February 2014 - Reports that the Treasury and the DWP are 'in conflict’ over a cap on pensions fees