Miliband attacks 'rip off' pension charges to anger of industry

Labour leader Ed Miliband has attacked pension companies who "rip off" their clients through excessive fees and charges.

He said overcharging was "the next chapter" in the scandals which have dogged the financial services sector. Miliband added no firm decisions had been taken on Labour's policy for curbing the excesses. But, the Press Association reports, he suggested a cap on charges could be introduced, which could be linked to the 0.5% benchmark for fees set out by the former Labour government. Miliband claimed some pension scheme members are paying up to 4% to 5% in fees and charges, which could swallow up as much as £50,000 of ever £100,000 they pay in over their lives. The Association of Briti...