Providers have said a charge cap on income drawdown, as proposed by Labour leader Ed Miliband, is "unnecessary" and a "solution to a problem that does not even exist".
Investment firm Old Mutual Wealth said putting a cap on how much providers can charge for drawdown products will not achieve Labour's aim to protect people and was "unnecessary" as many providers have already dropped their charges on drawdown. Miliband (pictured) said on 6 March that his party would consult on plans for a cap on fees and charges for income drawdown products, "with a focus on products bought from a saver's own pension provider". "We will act to protect savings by capping rip-off fees and charges on new pension products coming on the market now so that when people draw ...
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