Gregg McClymont MP, Labour's Shadow Pensions Minister, commenting on reports that the Government may act on high pension fees, said:
"Ed Miliband’s intervention has finally focussed Ministers’ minds. Now they should stop talking and start acting. In the ongoing industry negotiations over a code of conduct on charges, Ministers have got to back those calling for full disclosure.
"Labour have already set out what Ministers should do in ‘Pensions People Can Trust’ – the Government must require full transparency of costs and charges for all pensions."
The National Association of Pension Funds is currently consulting on an industry code of conduct on pension charges and Gregg McClymont commented:
"In order for the code to be effective it must be binding on all providers and require that all costs and charges be included. And it must be signed off by an independent auditor. I have set out what I believe are the fundamental principles for an effective code in my submission to the NAPF. Actions not words are needed to end the rip-offs in private pensions."