Government cracks down on hidden pension charges

The Government has committed to greater transparency on hidden pension charges in a win for our Hands off my Pension campaign.

We’ve been campaigning to ensure clear, consistent and regular information is provided to consumers about their pension charges.

Pensions minister Steve Webb said: ‘We’re taking action to ensure consumers have access to good quality pension schemes so they have the confidence to plan for their futures.’

However, this alone will not be enough to end rip-off schemes as people are often automatically enrolled by their employer and are unable to shop around.

We also need to see a cap on charges of 0.5%, to cover all new and existing workplace pension schemes, which could save consumers around £4.8bn just over the next 10 years.

In November 2013, we launched the ‘Hands off my pension’ campaign. More than 15,000 people supported our campaign and we received 7,000 comments which we presented to pensions minister Steve Webb.