TUC welcomes cap on pension charges but is concerned about funding for financial advice

Responding to Pensions Minister Steve Webb’s announcement today (Thursday) of a cap on pension scheme charges, TUC General Secretary Frances O’Grady said:

“The TUC has long called for a charge cap for pensions so we welcome this announcement. In particular we have called for any cap to tighten in future years, so it is encouraging to see the government indicate that today is just a starting point.

“But the Chancellor tore up the system we use to turn pension pots into retirement income last week without putting anything positive in its place. In this the new free-for-all  people are going to need far more help and advice if they are going to avoid new rip-offs. That will come at a cost and we still do not know who will pay once the Chancellor’s initial funding runs out.”

NOTES TO EDITORS:

- The TUC is organising Fair Pay Fortnight from Monday 24 March to Sunday 6 April. It will be a series of events across England and Wales to raise awareness about falling living standards. www.fairpayfortnight.org

- All TUC press releases can be found at www.tuc.org.uk

- Follow the TUC on Twitter: @tucnews

Contacts:

Media enquiries:
Liz Chinchen   T: 020 7467 1248    M: 07778 158175    E: media@tuc.org.uk
Rob Holdsworth    T: 020 7467 1372    M: 07717 531150     E: rholdsworth@tuc.org.uk