Responding to reports that savers were being charged fees for advice and unable to access their savings, Stephen, Labour’s Acting Shadow Secretary of State for Work and Pensions, said:
“Savers will want to know why the government has ignored warning after warning about the threat to savers from fraudsters, scams and rip-off fees. It’s completely unacceptable that so many people can’t benefit from the new freedoms and access their own pension savings.
“It’s time for the government to act to ensure savers can make the most of the new pension freedoms and maximise their retirement income by bringing in a cap on fees and charges. This is a common sense and practical measure that will protect savers from losing thousands of pounds from their hard-earned pension pots."