ABI boss slams Miliband's pension comments

Otto Thoresen, the Director General of the Association of British Insurers, has criticised Ed Miliband's "scaremongering" comments on pension charges.

Thoresen responded to Mr Miliband's pledge of an "all-out attack" on "rip-off" pension charges by saying that most workers with pensions already pay less than 1% charges, and those paying more have usually chosen a more expensive fund that aims to deliver higher returns.

To issue scaremongering comments about pension charges just two days before the launch of the auto enrolment reforms that the Labour Government introduced shows that Ed Miliband cares more about headlines than increasing public confidence in saving.

– Otto Thoresen

Thoreson claimed that Milband was being "anti-consumer" by denying people the choice of a more expensive specialist fund, adding that pension charges have fallen over the last decade to an average charge of 0.77% - well below the 1% cap Labour propose.