Interests of savers should be priority for pension schemes
- McClymont
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
pensions.
Gregg McClymont MP, Labour's Shadow Pensions Minister,
said:
"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
earned."
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