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Pension reform must not be limited to government pet projects, says TUC
Responding to proposals published yesterday (thursday) that could lead to a cap on charges for withdrawing pensions, TUC General Secretary Frances O’Grady said:
“Action to clamp down on unreasonable fees and charges should not be limited to pet government projects such as its so-called pension freedom.
“We know that £26 billion of pension savings are locked away in legacy pension accounts with high fees and complex charging structures. But the pensions industry and government have failed to act robustly.
“All savers should be confident that their hard-earned savings will give them a decent income in retirement without large amounts being skimmed off in unjustifiable expenses.”
NOTES TO EDITORS:
- All TUC press releases can be found at www.tuc.org.uk
- Follow the TUC on Twitter: @tucnews
- Congress 2015 will be held in the Brighton Centre from Sunday 13 September to Wednesday 16 September. Free media passes can be obtained by visiting www.tuc.org.uk/MediaCredentials2015 and completing an online form. Applications must be in by noon on Tuesday 25 August. Any received later than that will be processed in Brighton and will cost £75.
Contacts:
Media enquiries:
Clare Santry T: 020 7467 1372 M: 07717 531150 E: csantry@tuc.org.uk
Tim Nichols T: 020 7467 1388 M: 07808 761844 E: tnichols@tuc.org.uk
