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Labour: Savers should pressure employers over pension scheme quality

Gregg McClymont 480

Labour shadow pensions minister Gregg McClymont has urged savers to put pressure on their employer to choose a good quality scheme for automatic enrolment.

The way providers disclose the costs associated with pension saving has come under fire from politicians, trade unions and consumer groups in recent months.

Last month, the Association of British Insurers announced plans to improve the way this information is presented to customers.

So far, 14 providers have signed up to the new ABI standards, which are due to be implemented in summer 2014 for new auto-enrolment schemes and by 31 December 2015 for older schemes.

Speaking at the launch of the ‘Nest Insight’ report last week, McClymont said: “Getting greater quality in auto-enrolment is very important and I think an engaged saver can play a role in pressurising their employer to get the best possible deal.

“We may also find that an engaged saver will want to pay in more and can play a role in persuading the employer to pay in more as well.”

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