Management fees charged by pension providers will be "put in a vice" and capped from April next year, Pensions Minister Steve Webb has said. The cap - set at 0.75% - will be significant for millions of people who are being automatically enrolled into workplace pension savings. However, the new rules are taking effect a year later than originally suggested. Pension providers also warned that it could lead to less choice for savers.

Investigation

Mr Webb had vowed that the government would launch a "full frontal assault" on pension fees. The confirmation of a charge cap comes on the same day as new rules come into force giving people more access to their pension savings on retirement. The government said that the latest announcement, made to the Commons on Thursday, would save tens of thousands of pounds for those setting money aside during their working life......Read more here