Shadow pensions minister Gregg McClymont has attacked the government's consultation on scheme charges as too short and "phoney".
Speaking at the Pensions Management Institute (PMI) Autumn Conference, the Labour MP (pictured) said the government has taken too long to address charges.
The Department for Work and Pensions (DWP) set out its three options for capping charges in auto-enrolment (AE) schemes last month.
However, McClymont said the government's efforts does not properly tackle all the charges imposed on pensions.
He said: "The government's consultation is a phony consultation. Four weeks is not very long for something as complicated as this. It doesn't have full sight of all the costs and charges being imposed on pensions.
"In the consultation document it talks about transaction costs which cannot be avoided, but for me that is an issue in itself. Transaction costs need to be disclosed, but I suspect they won't be in the cap."
McClymont added that he is sceptical about the overall concept of defined ambition (DA), which is also under government consultation, but welcomes the exploration of collective defined contribution (CDC).
This is despite the previous Labour government blocking any further development of CDC structures in 2009, claiming the idea was legally unworkable and unpopular. McClymont admitted the idea should be revisited.
He said: "I have an open mind about CDC, although I have been sceptical of DA. Firstly I have not seen any evidence employers want to take on the longevity risk which has previously been iterated.
"However, the government isn't wrong to say trying to share risk in some way is very important. The question of how you do it is a much more difficult matter. CDC might be a way and I certainly have no objections to government going down that route.
"But the government would have been better getting everything right in the AE market rather than doing DA at this stage."
McClymont also said he thought a full review into the annuities market would be a "good idea", but fell short of wholeheartedly backing one.
The Financial Conduct Authority (FCA), which regulates insurance providers, is currently probing the annuity market over concerns of high profit margins.
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