Gosport MP Caroline Dinenage has today welcomed the Government's announcement of radical reforms to pension charges designed to help people who have worked hard and done the right thing by saving for their retirement.
Conservative MP and Financial Secretary to the Treasury Sajid Javid MP announced that the Government will introduce a cap on pension charges to save hardworking people thousands of pounds and make sure employers & savers are better-informed about the pensions available, so they can make the choice that is best for them. The Government will now consult on the best way of reducing these charges.
Speaking in support of the proposals, Caroline commented:
"This is great news for hardworking people both in Gosport and across the UK who are doing the right thing and saving for retirement. It will help ensure they get the value for money from their pension that they deserve. I am proud that this Government has already taken action to cut fuel duty and income tax and this announcement marks another step taken by the Government to help people who want to work hard and get on in life."
Reducing pension charges can save significant amounts of money. In the case of someone who saves throughout their working life, they could end up losing almost £170,000 from their pot with a 1 per cent charge, and over £230,000 with a 1.5 per cent charge.