Strong action needed to protect pension savings from rip-off fees, says TUC
“The Independent Project Board’s report shows that the financial services industry has still not learned the lessons of the past and is levying rip-off charges on £26bn of hard-earned pension savings.
17 December 2014
Commenting on the publication today of the report of the Independent Project Board that was tasked with an examination of pension management fees, TUC General Secretary Frances O’Grady said:
“The Independent Project Board’s report shows that the financial services industry has still not learned the lessons of the past and is levying rip-off charges on £26bn of hard-earned pension savings.
“It is not good enough for the industry to be given more time to put its affairs in order. The worst offenders need to be named and swift measures taken to end these shocking practices.
“We need to see strong action from regulators and government to ensure that there’s no loss of public faith in the pensions system at the very time millions of people are getting their first pension savings, thanks to automatic enrolment.”
NOTES TO EDITORS:
- All TUC press releases can be found at www.tuc.org.uk
- Follow the TUC on Twitter: @tucnews
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