Leading pensions provider Legal and General says the government's planned 0.75% cap on management fees is too high. The company says that, at that level, customers would pay more than £4bn too much over a lifetime of pension saving. The criticism comes on the same day as the deadline for submissions by the pensions industry to the government. Legal and General appears to be out of line with the rest of the industry, who are against any cap on fees. Typically, pension funds levy an annual management charge in exchange for investing pension savers' money. This comes out of the pension pot that they have accrued. But other, more obscure fees are often charged as well, so that savers are not always aware of how much they are paying. Ministers believe the industry could be charging excessive amounts and want to curb the practice.....Read more here