Interests of savers should be priority for pension schemes
30 July 2012
Today FairPensions launch their report on governance of
contract-based pensions - the pensions into which the
majority of British workers are now saving.
Labour's policy review paper "Pensions people can
trust" identified weak governance of contract-based
pensions as one of the root causes of poor practice in some
Gregg McClymont MP, Labour's Shadow Pensions Minister,
"The FairPensions report rightly focuses on structuring
pensions so that the interests of savers are the priority
for all schemes. Labour believes putting the saver first is
a big part of ending pension rip-offs.
"Good governance is key to creating confidence in pensions,
but excessive costs, poor annuities, exit fees and deferred
member penalties all undermine people's willingness to
save into a scheme.
"FairPensions conclusions are right - trust is vital in
creating pensions people can trust, and the industry and
Government must now act to ensure that this trust is