Pension cap delay statement
Commenting on Steve Webb’s announcement that the pensions cap is to be delayed by a year, Gina Miller, founder of the True & Fair Campaign stated:
“We need a full frontal assault on the UK’s rip-off pensions with legislation that forces full transparency, with all costs stated in full, via one uniform number. Currently the proposed cap merely focuses on the annual fee, which is often a fraction of the full cost that pension companies pickpocket from savers’ retirement funds.
“It is shameful that pension companies have successfully lobbied to have caps on charges kicked down the road for a year. I would urge the Government to use this pause to strengthen the proposals so that any caps include all costs and fees. Unless the ABI and its members are forced to reveal and report all their charges, we will have no idea what the Government is really capping – the abuse of British savers will simply continue.”
Posted By: True and Fair, 2:32 pm