Pension charge cap pledge from Labour

Labour has promised to put a 0.5% annual cap on pension charges if it wins the next election.

It said the limit on management charges would be 0.75% to begin with, but that would be reduced within the lifetime of a parliament.

It has also confirmed that workers buying an annuity with their savings would have to be referred to a broker for impartial advice.

Simon Gompertz reports.