- 4 updates
The Conservative Party have hit out at plans by Labour to reform private pensions, saying they will make retirement less secure. A spokesperson said:
In response to Labour's pension pledge, Pensions Minister Steve Webb said it was "incredible" that the party included no protection for workplace pension scheme members in its plans for automatic enrolment
"We will put that right," the Liberal Democrat added. "Simply offering access to a broker won't answer the big question of whether an annuity is right for them."
A package of measures announced by Labour will "reward people who save for their retirement" the party said.
Labour has announced that it will ensure all savers get access to independent pensions advice to prevent the loss of up to £1 billion annually in retirement benefits, if the party is elected in 2015.
The average person could gain £400 a year if they were helped to shop around for the best deal when changing their pension fund to a regular retirement income, the party said.
Shadow work and pensions secretary Rachel Reeves said the move would be part of a package of measures to prevent pensioners losing out, including action to expose "rip-off" fees and charges and imposing a 0.5% cap.