Citizens Advice Scotland (CAS) has welcomed the news that the Office of Fair Trading is recommending a series of reforms to the pensions industry.
Margaret Lynch, Chief Executive of Citizens Advice Scotland, says:
“It’s extremely important that people have confidence in the pension system. Everyone who has a pension scheme needs to feel that it is working effectively for them, to protect their future. Sadly, that is not the case at the moment, so we certainly support any efforts to address the concerns that people have.
“Pension schemes need to work fairly, offering good value for savers. They also need to operate transparently, with all charges and fees made clear up-front so that people are able to make the right choices. Where individual pension schemes are found to be failing the people they are meant to serve, the regulators should have powers to take action.
“Today’s move by the OFT is a good start in tackling the problems in the pension system, but it should only be a first step. The government should consider all options to make sure that we have a water-tight pension system that works for consumers.”