The Scottish National Party has warned that while it backs pension freedoms, it plans to identify and target “hidden” and “unfair” charges.
In its election manifesto, published earlier today, the SNP says it backs the principle of giving pensioners more freedom over how to spend their retirement pot.
However, the party warns: “We must ensure adequate levels of advice and support. We will work with pensioner groups to identify and target unfair, hidden pension charges.”
The SNP also promises to review plans to increase the state pension age across the UK, including in Scotland.
It says: “We’ll seek a review of the planned increase in the retirement age from 66 to 67, so that people in Scotland, who have paid in to a state pension all their lives, don’t lose out.”
Finally, the party places on record its support for the “triple lock” on state pensions, which ensures pensions rise by either inflation, wages or 2.5 per cent.
The SNP position comes just days after Prime Minister David Cameron promised to install older workers’ champion Ros Altmann as a Conservative peer with a focus on consumer issues if re-elected.
Altmann will consider the case for drawdown charge caps as part of her remit, something Labour has already pledged to investigate ahead of the May general election.