Govt 'absolutely prepared' to cap pension charges

The Department for Work and Pensions (DWP) today faced pressure to protect consumers from perceived excessive charges as Hugh Bayley, Labour MP for York Central, asked if the government would impose a cap. In response, Webb said that the creation of the government's low-cost savings vehicle, the National Employment Savings Trust (NEST), was prompting providers to drop adminstrative charges on their corporate pension products. He added the government granted itself the power to impose an industry-wide cap on management charges in the 2011 Pensions Act and said it will be used if charge...