Speeches sourced from the Labour party’s online archive More…

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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