Labour vows to cap pension charges and force annuity broker use

Labour has vowed to push through a pension charge cap and make using an annuity broker mandatory should it win the next general election.

The opposition also said it would force "high charging and inefficient" pension providers to improve or merge. The proposed cap measures are similar to the plans put forward by current pensions minister, Steve Webb, which were criticised for being rushed through the parliamentary process and put on hold earlier this month. Labour said its measures, thought to be an intital 0.75% maximum charge level to be brought down to 0.5%, would help savers facing a cost-of-living crisis protect the value of their pensions. Alongside the pension charge cap the party said it would make seeing a...