Tories miss opportunity to help pensioners of today and tomorrow

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Angela Rayner, Labour's Shadow Pensions minister, commenting on the government's announcement of a Pensions Bill in the Queen's Speech said: "After months of Tory ministers' dithering and bickering, the government is finally taking up Labour's call for action on Master Trust pension schemes, though we have yet to see the detail.

"However, this Bill is a missed opportunity to tackle the wider problems facing the pensioners of both today and tomorrow.

"We have been warning the government for some time that people in both workplace and personal pensions have a right to know the full costs of their pension scheme but the government is sitting on its hands.

"There must be greater transparency of investment fees, transaction costs and administrative overheads - without this knowledge people are at risk of being mis-sold their pension.

"There will be great disappointment from the WASPI campaign that the government still refuses to give them justice. Nor do we have any sign of when ministers will give future generations clarity on when they can expect to retire.

"With the joint Select Committee inquiry into BHS examining stronger powers to protect both savers and taxpayers from business owners who try to escape their responsibilities, this Bill is a chance to implement any necessary changes.

"The government could address all of these issues through the Pensions Bill in this Session - and it will be bad news for pensioners, savers and taxpayers if they duck the challenge."


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