Gregg McClymont MP, Labour’s Shadow Pensions Minister, responding to the OFT’s launch of an investigation into the private pensions industry, said:
“The OFT is absolutely right to answer Ed Miliband’s call for an investigation into the private pensions industry.
“British people aren’t saving enough for their retirements and the reason for that is simple – the pensions industry is no longer giving them the confidence they need to save for the future. That’s why we need urgent action to restore pensions people can trust.
“Labour have long called on the Government to take action and that’s why this week’s pensions white paper was such a disappointment. After two years of dither and delay Ministers have still only produced half a reform that says nothing about the issues the OFT has been forced to investigate today. The private pensions industry is in desperate need of a shake up and I am delighted that in the absence of government action the OFT is leading the way.”