Pension charge cap plans ignore 'excessive annuity margins'

The paper said more than 1,000 people a day are losing large chunks of their pension due to annuity salesmen misleading clients. It said salesmen are telling people the process is free. However, up to £3,500 is taken from each £100,000 pension pot through charges at purchase, the paper said. These kind of fees were not addressed in Steve Webb's pension charge cap consultation, released last week. He wants to see all pension funds used for auto-enrolment working to a maximum of 0.75% annual management charge. Independent pension consultant and former government adviser Ros Altmann said ...