Warning to pensions firms as fees erode up to a third of pension pots.

Guardian: “Firms that overcharge for managing pensions on behalf of millions of workers are to have their fees capped under new legal curbs being drawn up by the government.” “Steve Webb, the pensions minister, is to announce a consultation over the policy following concerns that many workers and ex-employees are facing excessive charges.
An Office of Fair Trading report to be released on Thursday is thought to uncover widespread practices of ramping up costs, which wipe out pensions. It follows claims that some savers are losing more than a third of their pension pots in fees and commissions.
….It is believed that Webb, a Liberal Democrat minister, has gained support for the cap of up to 1% from Iain Duncan Smith, the secretary of state for welfare and pensions.”