Pensioners lose half their pensions to fees – Labour will act

 

A report has revealed that millions of savers are losing up to half the value of their pensions, thanks to hidden fees. Nine in ten of the biggest pension fund managers don’t warn about fees at all. Fees take up to 40% of the total value for typical pensions.

 

Ed Miliband has said that savers must be protected from these sorts of fees, and called for a new set of regulations that will force pensions companies to use a structure that makes charges clear – and that fees may need to be capped by law. This came after Labour launched a report as part of its policy review that identified problems that need to be solved by the next Labour government.

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